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The Fudge Shop of Sutton's Bay had sales of $800,000 for the month of June....

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Question

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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