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Assume the cost of goods available for sale during a year

Assume the "cost of goods available for sale" during a year is $120,000. (Recall that cost of goods available for sale is beginning inventory plus the cost of any purchases during the period.) The sales revenue for the year is $130,000, and the gross margin percentage is 20%. What is the amount of ending inventory?

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Accounting Basics: Assume the cost of goods available for sale during a year

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