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What is the correct cost of goods sold and gross profit

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Question - Haywood Inc. reported the following information for 2018:

Beginning inventory $25,000

Ending inventory 64,000

Sales revenue 1,000,000

Cost of goods sold 620,000

A physical count of inventory at the end of the year showed that ending inventory was actually $65,000.

Required: What is the correct cost of goods sold and gross profit for 2018?

Reference no: EM131714964

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