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ACCT 382 - Week 5 - Chapter 5 Homework - Question 7

ACCT 382 - Week 5 - Chapter 5 Homework - Question 7
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ACCT 382 - Week 5 - Chapter 5 Homework - Question 7

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Question 7

The following is a portion of the condensed income statement for Rowan, Inc., a manufacturer of plastic containers:

  

 

 

 

 

 

 

  Net sales

 

 

 

$

2,460,000

 

  Less: Cost of goods sold:

 

 

 

 

 

 

     Inventory, January 1

$

630,000

 

 

 

 

     Net purchases

 

1,900,000

 

 

 

 

     Inventory, December 31

 

(690,000

)

 

1,840,000

 

  







  Gross profit

 

 

 

$

620,000