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What claudines net sales for the year were

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Reference no: EM132497965

Selected data from Claudine Company's year-end financial statements are presented below. The difference between average and ending inventory is immaterial.

Current ratio 2.0

Quick ratio 1.5

Current liabilities P120,000

Inventory turnover ( based on cost on sales) 8 times

Gross profit margin 40%

Question 1: Claudine's net sales for the year were:

a. P800,000

b. P672,000

c. P480,000

d. P1,200,000

Reference no: EM132497965

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