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Inventory at the beginning of the year cost $14,200. During the year, the company purchased (on account) inventory costing $88,000. Inventory that had cost $84,000 was sold on account for $98,200. At the end of the year, inventory was counted and its cost was determined to be $18,200.

a. Calculate the cost of goods sold.

b. What was the dollar amount of Gross Profit?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9966797

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