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Financial Accounting

15th Edition
Carl Warren + 2 others
Publisher: Cengage Learning
ISBN: 9781337272124

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Chapter
Section
BuyFindarrow_forward

Financial Accounting

15th Edition
Carl Warren + 2 others
Publisher: Cengage Learning
ISBN: 9781337272124
Chapter 6, Problem 2E
Textbook Problem
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For a recent year, Best Buy reported sales of $40,339 million. Its gross profit was $9,047 million. What was the amount of Best Buy’s cost of merchandise sold?

To determine

Compute the cost of merchandise sold of the company.

Explanation of Solution

Cost of merchandise sold indicates the costs involved for the inventory sold by the business in a specific period of time. Its mathematical representation is as below:

  Cost of merchandise sold=Net salesGross profit

Calculate cost of merchandise sold for company.

Net sales = $40,339 million

Gross profit = $9,047 million

  Cost of merchandise sold = Net sa

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Chapter 6 Solutions

Financial Accounting
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