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Question - Moderate Company provided the following information:
June Cash sales 720,000
July Cash sales 800,000
August Sales on account 7,200,000
Sales on account 7.360,000
Sales on account 7,600,000
Cash sales 1,040,000
All merchandise is marked up to sell at invoice cost plus 20%. Inventory at the beginning of each month is 30% of cost of goods sold for that month.
Required -
1. What is the cost of goods sold for June?
a. 5,760,000
b. 6,000,000
c. 6,080,000
d. 6,600,000
2. What is the cost of goods sold for July?
a. 6.800,000
b. 6,135,000
c. 5,470,000
d. 6,528,000
3. What is the cost of goods sold for August?
a. 6,912,000
b. 7,200,000
c. 6,330,000
d. 6,080,000
4. What is the amount of purchases for July?
a. 6,528,000
b. 8,304,000
c. 6,800,000
d. 6,920,000
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