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Bill Rose owns Rose Sporting Goods. At the beginning of the year, Rose Sporting Goods had $2,600 in inventory. During the year, Rose Sporting Goods purchased inventory that cost $13,200. At the end of the year, inventory on hand amounted to $3,800.
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Inventory Analysis The following data were extracted from the income statement of Keever Inc.: Current Year Previous Year Sales $18,500,000 $20,000,000 Beginning inventories 940,000 860,000 Cost of goods sold 9,270,000 10,800,000 Ending inventories
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Concord Furniture factors $893000 of receivables to Pharoah, Inc. Pharoah assesses a 3% service charge on the amount of receivables sold. Concord Furniture factors its receivables regularly with Pharoah.
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Nice Corporation produces and sells a single product. Data concerning that product appear below: Per Unit Percent of Sales Selling price $ 240 100 % Variable expenses 48 20 % Contribution margin $ 192 80 % Fixed expenses are $160,000 per month.
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