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ACC 291 Final Exam - ACC 291 Final Exam University of Phoenix | UOP E Tutors

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2015 $1,300,000<br />

2014 1,200,000<br />

2013 1,000,000<br />

30) If 2013 is the base year, what is the percentage increase in cost <strong>of</strong><br />

goods sold from 2013 to 2015?<br />

30%<br />

70%<br />

130%<br />

20%<br />

31) A company has an average inventory on hand <strong>of</strong> $75,000 and its<br />

average days in inventory is 36.5 days. What is the cost <strong>of</strong> goods sold?<br />

$1,680,000<br />

$876,000<br />

$750,000<br />

$1,752,000<br />

32) The following information is available for Patterson Company:<br />

2014 2013<br />

Accounts receivable $ 360,000 $ 340,000<br />

Inventory 280,000 320,000<br />

Net credit sales 3,000,000 2,600,000<br />

Cost <strong>of</strong> goods sold 1,500,000 840,000<br />

Net income 300,000 170,000

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