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Problem 1: Barrett Industries began the month of June with a finished goods inventory of $15 000. The ?nished goods inventory at the end of June was $10 000 and the cost of goods sold during the month was $20 000. The cost of goods manufactured during the month of June was:
A. $15 000
B. $25 000
c. $20 000
D. $5 000
What is the company's average inventory? Net income for the year: $100,000. Return on Sales: 16%. Inventory turnover: 2.5. Gross profit ratio: 40%
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