The following information is available for Naab Company for 2010: Freight-in 30,000 Purchase returns 75,000 Selling expenses 150,000 Ending inventory 260,000 The cost of goods sold is equal to 400% of selling expenses. What is the cost of goods available for sale? A) $600,000. B) $890,000. C) $815,000. D) $860,000. E) None of the above. 24. on August 31, a of the entire inventory on hand at the location. The inventory on hand as of June 30 totaled 320,000. Since June 30 until the time of the hurricane, the company made purchases of $85,000 and had sales of $250,000. Assuming the rate of gross profit to selling price is 40%, what is the approximate value of the inventory that was destroyed? A) $155,000. B) $181,500. C) $205,000. D) $255,000. E) None of the above.
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