For the Year Ended December 31, 2012, Complex Company Reported

question 53

Multiple Choice

For the year ended December 31, 2012, 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 2012?

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

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