Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. a business makes sales with a gross profit margin

A business makes sales with a gross profit margin of 30%. At 1st January 2021,...

80.2K

Verified Solution

Question

Accounting

A business makes sales with a gross profit margin of 30%. At 1st January 2021, the inventory was valued at $2,600 and on 31st December 2021 at $3,800. During the year the sales totaled $80,800. What was the value of purchases during the year?

a.

$56,560

b.

$57,760

c.

$63,354

d.

$60,360

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Advance Math
1.2K views

Engineering system of type k-out-of-n is operational if at least k out of n components are...

Biology
1.2K views

an outline on Aging and How it is Related to the Cardiovascular System

Programming
1.2K views

(10 pts) Write a function called isInBetween that takes 3 ints, say n, low and high,...

Basic Math
1.2K views

Finish Men Women 1 66.91 110.64 2 67.88 112.83 3 68.13 113.26 4 68.46 113.54 5 72.48 115.99 6 88.79 119.94 7 98.06 122.86 8 100.13 123.69 9 102.13 124.09 10 109.79 124.23 11 110.66 125.49 12 111.84 127.39 13 114.51 131.13 14 115.13 131.48 15 122.56 132.33 16 129.59 133.28 17 130.01 133.64 18 132.51 134.81 19 133.41 135.11 20 140.24 138.18 21 145.44 138.36 22 150.31 139.81 23 140.61 24 148.79 25 148.96 26 149.11 27 149.36 28 155.49 29 156.44 30 190.88 31 190.89 Compare the firstplace finish times for men and women. If the 53 men and women...

General Management
1.2K views

DRIVING ARI FLEET MANAGEMENT WITH REAL-TIME ANALYTICS Automotive Resources International, better known as simple ARI, is...

Physics
1.2K views

of 10 m s in a direction 45 from the horizontal y direction on the...

Geometry
1.2K views

Indicate which of the angles below are acute angles and which are obtuse angles Then...

Geometry
1.2K views

16 Find the angle e to the nearest minute cos8 0 3094 A 71 59...

Basic Math
1.2K views

Solve the recurrence relation with the given initial conditions Xo 0 x 4 x 2xn...

Calculus
1.2K views

c(e-7t)Determine the derivative of h.Let h(t) = arcsech'(t) =

Accounting
1.2K views

Page 124 COMPREHENSIVE PROBLEM 2 (CHAPTERS 2, 5-8) EMENTS Assume that V $7.500. On A...

Finance
1.2K views

Rolls-Royce Turbine Engines. Rolls-Royce is struggling with its pricing strategy with a number of its...