Anthony Nolen's Quiz History: Module 06: Quiz Practice.pdf...

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Anthony Nolen's Quiz History: Module 06: Quiz Practice.pdf

View Test Prep - Anthony Nolen's Quiz History: Module 06: Quiz Practice.pdf from SEP 23 at Pennsylvania State University. Question 3 Garry Corp uses a perpetual inventory accounting system. Garry

Question 2   The cost of goods sold for the period could be estimated by ________.
 dividing sales revenue by one minus the gross profit percentage multiplying sales revenue by one minus the gross profit percentage multiplying sales revenue by the gross profit percentage dividing sales revenue by the gross profit percentage
Module 06: Quiz Prac!ce Results for Anthony Nolen!Correct answers are hidden.Submitted Sep 23 at 3:16am0 / 20 ptsQuestion 1IncorrectIncorrectKaren’s clothing store was burglarized on April 19, 20X1. The inventory thatwas not stolen was destroyed. She did not keep a perpetual inventorysystem and did not know the value of her inventory to report to the insurancecompany. Beginning inventory was $15,000. She had purchases of $24,000and sales of $34,500 from April 1through April 19. Her gross profit marginis 35% of total sales. Karen could estimate that her ending inventory on April19was ________.thstthth$4,500 $16,575 $25,500 $26,925
20 / 20 ptsQuestion 2The cost of goods sold for the period could be estimated by ________.
20 / 20 pts

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