Exhibit 8-2 The Dormer Company uses the gross profit method to estimate its inventory in interim financial statements. The markup on cost is 50%. The following information is available: January 1, 2016, inventory balance $12,500 Purchases 25,000 Sales during January 24,000 ? ? Refer to Exhibit 8-2. The estimated cost of goods sold at January 31, 2016, is
A) $25,500
B) $21,500
C) $16,000
D) $12,000
C
Business
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