Refer to the following data: Net sales, first month $13,000 Normal gross profit as a percentage of sales 45% Inventory, start of period $8,000 Net purchases, first month $7,000 Using the gross profit method of inventory estimation, the cost of goods sold would be
a. $5,850.
b. $7,150
c. $7,850
d. $15,000.
b
Business
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