AB Ltd's sales revenue for year 1 is $6,600 with gross profit percentage of 40%. Also during the year AB Ltd.'s Inventory decreased by $1,670. Required: AB's net purchases for the period must have been: $ 970

AB Ltd's sales revenue for year 1 is $6,600 with gross profit percentage of 40%. Also during the year AB Ltd.'s Inventory decreased by $1,670. Required: AB's net purchases for the period must have been: $ 970

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter5: The Income Statement And The Statement Of Cash Flows

Section: Chapter Questions

Problem 1RE: Brandt Corporation had sales revenue of 500,000 for the current year. For the year, its cost of...

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AB Ltd.'s sales revenue for year 1 is $6,600 with gross profit percentage of 40%. Also during the year AB Ltd.'s Inventory decreased by
$1,670.
Required: AB's net purchases for the period must have been: $
970 x

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