At the beginning of the year, Saratoga Dress Co. had an inventory of $300,000. D

Question

At the beginning of the year, Saratoga Dress Co. had an inventory of $300,000. During the year, the company purchased merchandise costing $850,000. Net sales for the year totaled $1,200,000, and the gross profit rate was 45%. The cost of goods sold and the ending inventory, respectively, were: $1,150,000 and $660,000. $540,000 and $610,000. $660,000 and $490,000. Some other amounts. $1,150,000 and $660,000. $540,000 and $610,000. $660,000 and $490,000. Some other amounts. At the beginning of the year, Saratoga Dress Co. had an inventory of $300,000. During the year, the company purchased merchandise costing $850,000. Net sales for the year totaled $1,200,000, and the gross profit rate was 45%. The cost of goods sold and the ending inventory, respectively, were: $1,150,000 and $660,000. $540,000 and $610,000. $660,000 and $490,000. Some other amounts.

Explanation / Answer

$660,000 and $490,000.

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