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What be the cost of goods sold using the gross profit method

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Reference no: EM132943550

On March 31 a company needed to estimate its ending inventory to prepare its first quarter financial statements. The following information is available:

Beginning inventory, January 1: $4,700
Net sales: $47,000
Net purchases: $48,000

Problem 1: The company's gross margin ratio is 15%. Using the gross profit method, the cost of goods sold would be:

Reference no: EM132943550

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