Thompson TV and Appliance reported the following in its 2021 financial statements: 2021 $423,000 Sales Cost of goods sold: Inventory, January 1 Net purchases 80,000 320, еее Goods available for sale 400, 000 104,000 Inventory, December 31 Cost of goods sold 296,000 $127,000 Gross profit Thompson's 2021 gross profit ratio is: (Round your answer to the nearest whole percentage.) Multiple Choice 24% 33% 30% None of these answer cholces are correct
Thompson TV and Appliance reported the following in its 2021 financial statements: 2021 $423,000 Sales Cost of goods sold: Inventory, January 1 Net purchases 80,000 320, еее Goods available for sale 400, 000 104,000 Inventory, December 31 Cost of goods sold 296,000 $127,000 Gross profit Thompson's 2021 gross profit ratio is: (Round your answer to the nearest whole percentage.) Multiple Choice 24% 33% 30% None of these answer cholces are correct
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
Chapter8: Inventories: Special Valuation Issues
Section: Chapter Questions
Problem 8MC: At December 31, 2019, the following information was available from Crisford Companys books: Sales...
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