Solution-What cost of goods sold and gross profit rate

What cost of goods sold and gross profit rate would be

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Problem 1: At the beginning of the year, Sarasota had an inventory of $560000. During the year, the company purchased goods costing $2220000. If Sarasota reported ending inventory of $770000 and sales of $3800000, their cost of goods sold and gross profit rate would be

Option 1: $1450000 and 52.89%.
Option 2: $2010000 and 47.11%.
Option 3: $2350000 and 47.11%.
Option 4: $2010000 and 52.89%.

Reference no: EM132856590

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What cost of goods sold and gross profit rate would be

Reference no: EM132856590

Reference no: EM132856590

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