Fundamental Accounting Principles Study Set 5
Quiz 5: Accounting for Merchandising Operations
Cost of Goods Sold Represents the Cost of Buying and Preparing
Cost of goods sold represents the cost of buying and preparing merchandise for sale.
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A company had sales and cost of goods sold of $350,000 and $200,000, respectively. Its gross profit equals $150,000.
A company had net sales and cost of goods of $545,000 and $345,000, respectively. Its gross margin equals $890,000.
A company had a gross profit of $300,000 based on sales of $400,000. Its cost of goods sold equals $700,000.
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