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What is the total goods available for sale

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Question - On January 1, 2018, the merchandise inventory of Glaus, Inc. was $1,200,000. During 2018 Galus purchased $2,400, 000 of merchandise and recorded sales of $3,000,000. The gross profit rate on these sales was 25%.

1. What is the total goods available for sale?

2. What is the cost of goods sold?

3. What is the ending inventory?

4. How much is the gross profit?

Reference no: EM131871774

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