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ABC Inc Had Net Sales of $120,000 During 2013

question 137

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ABC Inc. had net sales of $120,000 during 2013. Its finished goods inventories were valued at $20,000 on January 1st, 2013. During the year, $60,000 of goods was purchased for resale. The company has a gross profit percentage of 40%. What was the company's estimated inventory at December 31st, 2013 under the Gross Profit method?


Definitions:

Blood Vessels

The network of tubular structures (arteries, veins, and capillaries) through which blood circulates in the body.

Migraine Headaches

A type of headache characterized by intense, throbbing pain usually on one side of the head, often accompanied by nausea, vomiting, and sensitivity to light and sound.

Narrowing

The process of reducing or limiting the scope or breadth of something.

Expansion

The process of increasing in size, volume, quantity, or scope.

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