From the Following Data,calculate the Amount of Gross Margin and Gross

question 38

Short Answer

From the following data,calculate the amount of gross margin and gross purchases.
$\begin{array}{llr} \text {Ending Merchandise Inventory } &\$128\\ \text {Purchases Returns and Allowances } &32\\ \text {Beginning Merchandise Inventory } &160\\ \text { Sales } &1,280\\ \text { Freight-In } &96\\ \text { Cost of Goods Sold} &778\\ \text { Purchases Discounts } &16\end{array}$

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Definitions:

Total Employment

The total number of people currently employed in the economy, including both full-time and part-time workers.

Productivity

A measure of the efficiency of production, often expressed as the ratio of output to inputs in the production process.

Agriculture

The practice of cultivating land, raising crops, and feeding, breeding, and raising livestock; it is a key component of the food supply chain.

Inelastic

Describes a situation where the demand or supply for a good or service is not significantly altered when the price changes.