Corrigan Corporation had beginning inventory of $20,000 and ending inventory of $24,000. Itsnet sales were $164,000 and net purchases were $81,000.11. What is Corrigan’s gross profit percentage (rounded to the nearest whole percentage)?a. 53%b. 51%c. 48%d. 47%
Corrigan Corporation had beginning inventory of $20,000 and ending inventory of $24,000. Itsnet sales were $164,000 and net purchases were $81,000.11. What is Corrigan’s gross profit percentage (rounded to the nearest whole percentage)?a. 53%b. 51%c. 48%d. 47%
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 3RE: Shaquille Corporation began the current year with inventory of 50,000. During the year, its...
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Corrigan Corporation had beginning inventory of $20,000 and ending inventory of $24,000. Its
net sales were $164,000 and net purchases were $81,000.
11. What is Corrigan’s gross profit percentage (rounded to the nearest whole percentage)?
a. 53%
b. 51%
c. 48%
d. 47%
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