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Brief Exercise 6-33 (Algorithmic) Applying the Cost of Goods Sold Model Milton Company reported inventory of $110,000 at the beginning of 2013.

Brief Exercise 6-33 (Algorithmic) 

Applying the Cost of Goods Sold Model

Milton Company reported inventory of $110,000 at the beginning of 2013. During the year, it purchased inventory of $625,000 and sold inventory for $950,000. A count of inventory at the end of the year determined that the cost of inventory on hand was $44,000.

Required:

1. What was Milton's cost of goods sold for 2013?

$ 691000

2. What is Milton's gross margin for the year?

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1 comment
  • Correction: if the gross margin amount = 259,000 is the answer. If it is gross margin percentage, then it is 27.26%
    • jesscantular
    • May 16, 2018 at 7:20pm

Cost of goods sold : COGS is the cost incurred in the production of goods. It includes the cost of material, labor and... View the full answer

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