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Milton company reported inventory of 60000 at the beginning

Question - Milton Company reported inventory of $60,000 at the beginning of 2018. During the year, it purchased inventory of $625,000 and sold inventory for $950,000. A count of inventory at the end of the year determined that the cost of inventory on hand was $50,000.

Required:

1. What was Milton's cost of goods sold for 2018?

2. What is Milton's gross margin for the year?

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Accounting Basics: Milton company reported inventory of 60000 at the beginning

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Accounting Basics: Milton company reported inventory of 60000 at the beginning

Reference No:- TGS02510480

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