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Firlakuza [10]
3 years ago
10

At the beginning of the year, Uptown Athletic had an inventory of $640000. During the year, the company purchased goods costing

$2020000. If Uptown Athletic reported ending inventory of $960000 and sales of $3440000, their cost of goods sold and gross profit rate would be:
Business
1 answer:
Nataly_w [17]3 years ago
8 0

Answer:

Cost of Goods Sold = $1,700,000

Gross Proft = $1,740,000

Explanation:

We solve this assingemtn using the inventory identity:

$$Beginning Inventory + Purchase = Ending Inventory + COGS

We post the given and solve for the missing part:

640,000 + 2,020,000 = 960,000 + COGS

COGS = 640,000 + 2,020,000 - 960,000 = 1,700,000

Next we use the COGS value to calculate the gross profit.

Sales \: Revenues- \: COGS = \: Gross \: Profit

3,440,000 - 1,700,000 = 1,740,000

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8 0
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<h3>What is a product advertisement?</h3>
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