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What were purchases for year

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Problem 1: Business gives info: Revenue for year 189000, purchases for year 125000, gross profit as % of cost of sale = 25%

What was gross profit for year (memo gives answer as $37800)

Problem 2: Donald rate of inventory turnover was 10 times. Inventory on 1 Jan 2017 was $800 and inventory on 31 Dec 2017 was $1000

What were purchases for year (memo gives answer as $9200)

Reference no: EM132624614

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