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Accounting

Problem:

A retailer has yearly sales of $800,000. Inventory on January 1 is $300,000 (at cost). During the year, $600,000 of merchandise (at cost) is purchased. The ending inventory is $305,000 (at cost). Operating costs are $90,000.

Required:

Question: Calculate the cost of goods sold and net profit, and set up a profit-and-loss statement. There are no retail reductions in this problem.

Note: Please show the work not just the answer.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M91171676

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