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

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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

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