Calculate using gross profit method, Accounting Basics

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Calculate using gross profit method

Problem: The last time his entire inventory was counted almost a year ago. It had a cost of $14,000. Since then, Mr. Castro's bought merchandise with a cost of $20,000. His sales were $11,000. His gross profit was 32 percent. This means the cost of goods sold is 68 percent of sales.

Required: Calculate using gross profit method.

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Accounting Basics: Calculate using gross profit method

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