For the Year Ended December 31,2016,Complex Company Reported Gross Margin

question 56

Multiple Choice

For the year ended December 31,2016,Complex Company reported gross margin of $29,700,which was 30% of the sales for the period.The cost of goods available for sale was 120% of the cost of goods sold.The beginning inventory was twice as much as the ending inventory.What was the amount of purchases for 2016?

• A)$13,860
• B)$29,700
• C)$41,580
• D)$55,440

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