The following information is available for the Brown Company for 2016: Gross profit $30,000 Net sales 500,000 Beginning inventory 220,000 Ending inventory 40,000 What was the amount of net purchases? a. $290,000 b. $210,000 c. $180,000 d. $150,000

The following information is available for the Brown Company for 2016: Gross profit $30,000 Net sales 500,000 Beginning inventory 220,000 Ending inventory 40,000 What was the amount of net purchases? a. $290,000 b. $210,000 c. $180,000 d. $150,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

The following information is available for the Brown Company for 2016:

Gross profit $30,000

Net sales 500,000

Beginning inventory 220,000

Ending inventory 40,000

What was the amount of net purchases?

a. $290,000

b. $210,000

c. $180,000

d. $150,000

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