Bright Pots and Pans

Bright Pots and Pans had a beginning inventory of $240,000 at cost. During the month, Bright purchased and received $150,000 in goods and had net sales of $280,000. Throughout the month, Bright maintained a 50% markup on all sales.

-Refer to Bright Pots and Pans. Compute the cost of goods sold.

Question

Bright Pots and Pans
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Bright Pots and Pans had a beginning inventory of $240,000 at cost. During the month, Bright purchased and received $150,000 in goods and had net sales of $280,000. Throughout the month, Bright maintained a 50% markup on all sales.
​
-Refer to Bright Pots and Pans. Compute the cost of goods sold.​

Quizplus · Accepted Answer

The Answer of Bright Pots and Pans
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Bright Pots and Pans had a beginning inventory of $240,000 at cost. During the month, Bright purchased and received $150,000 in goods and had net sales of $280,000. Throughout the month, Bright maintained a 50% markup on all sales.
​
-Refer to Bright Pots and Pans. Compute the cost of goods sold.​