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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