The Baldwin Wholesale Company began 2013 with inventory of $400,000 and ended the year with inventory of $500,000
Question # 00067424
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Updated on: 05/09/2015 02:32 AM Due on: 09/29/2015
| The Baldwin Wholesale Company began 2013 with inventory of $400,000 and ended the year with inventory of $500,000. The companys gross profit ratio is 25%, inventory turnover ratio is 2, and receivables turnover ratio is 4. Accounts receivable at the beginning of 2013 totaled $250,000. Required: Determine the following for 2013: Sales revenue Cost of goods sold Gross profit Accounts receivable, end of year |
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Solution: The Baldwin Wholesale Company began 2013 with inventory of $400,000 and ended the year with inventory of $500,000