1. If a company sells goods that cost $80,000 for $92,000, the firm will:A. reduce Finished-Goods Inventory by $80,000.B. reduce Finished-Goods Inventory by S92.000.C. report sales revenue on the balance sheet of $92,000.D. reduce Cost of Goods Sold by $80,000.E. follow more than one of the above procedures.

1. If a company sells goods that cost S80,000 for $92,000, the firm will: A. reduce Finished-Goods Inventory by $80,000. B. reduce Finished-Goods Inventory by $92.000. C. report sales revenue on the balance sheet of $92,000. D. reduce Cost of Goods Sold by $80,000. E. follow more than one of the above procedures.

1. If a company sells goods that cost S80,000 for $92,000, the firm will: A. reduce Finished-Goods Inventory by $80,000. B. reduce Finished-Goods Inventory by $92.000. C. report sales revenue on the balance sheet of $92,000. D. reduce Cost of Goods Sold by $80,000. E. follow more than one of the above procedures.

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter5: Inventories And Cost Of Goods Sold

Section: Chapter Questions

Problem 5.23MCE

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