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ACC410 E9-17 - E917 Page 473 $ 600,000 1,500,00 0 $...

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E9- 17 Page 473 Beginning Inventory $ 600,000 Purchases 1,500,00 0 Total goods available fo sale $ 2,100,000 Sales 2,300,00 0 a. Gross Profit of Sales 40% b. Gross Profit of Cost 60% c. Gross Profit of Sales 35% d. Gross Profit of Cost 25% (a) Gross profit is 40% of sales Total goods available for sale (at cost) $ 2,100,000 Sales (at selling price) $ 2,300,000 Less: Gross profit (40% of sales) 920,00 0 Sales (at cost) 1,380,00 0 Ending inventory (at cost) $ 720,000 1
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(b) Gross profit is 60% of cost 60% / (100% + 60%) 37.5% Total goods available for sale (at cost) $ 2,100,000 Sales (at selling price) $ 2,300,000 Less: Gross profit (37.5% of sales)
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