The Fudge Shop of Sutton's Bay had sales of $800,000 for the month of June....
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Accounting
The Fudge Shop of Sutton's Bay had sales of $800,000 for the month of June. Given the following information, calculate the Fudge Shop's gross margin percentage, and prepare their June cost of goods sold statement.
Purchases
$437,000
Beginning inventory
$221,000
Ending inventory
??
Purchase Returns
$16,000
Accounts Payable
$13,000
Cost of goods sold
44% of sales
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