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What would be the cost of goods sold for =company

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Reference no: EM132973024

On March 31 a company needed to estimate its ending inventory to prepare its first quarter financial statements. The following information is available:

Beginning inventory, January 1: $5,800
Net sales: $58,000
Net purchases: $59,000

Problem 1: The company's gross margin ratio is 15%. Using the gross profit method, the cost of goods sold would be:

Multiple Choice

a $6,800.
b $49,300.
c $36,700.
d $30,900.
e $5,800.

Reference no: EM132973024

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