Solved: On january 1 2018 the merchandise inventory of glaus inc, Accounting Basics

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On january 1 2018 the merchandise inventory of glaus inc

Question - On January 1, 2018, the merchandise inventory of Glaus, Inc. was $1,200,000. During 2018 Galus purchased $2,400, 000 of merchandise and recorded sales of $3,000,000. The gross profit rate on these sales was 25%.

1. What is the total goods available for sale?

2. What is the cost of goods sold?

3. What is the ending inventory?

4. How much is the gross profit?

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Accounting Basics: On january 1 2018 the merchandise inventory of glaus inc

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Accounting Basics: On january 1 2018 the merchandise inventory of glaus inc

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