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Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN: 9781337788281
Author: James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher: Cengage Learning
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Question
Solve this financial accounting problem

Transcribed Image Text:For the year, XYZ Electronics Ltd. reports the following financial data:
Gross Profit = $280,000
Sales Revenue = $350,000
Ending Inventory = $90,000
Net Purchases = $120,000
What is Cost of Goods Sold (COGS)?
a) $70,000
b) $105,000
c) $120,000
d) $135,000
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