2. What is the Cost of Goods Available for Sale for the year? Beginning Inventory: $10,000 Purchase for the year: $113,000 Freight-in for the shipping under F.O.B Shipping Point term: $5,000 Purchase Discount for the year: $12,000 Purchase Return for the year: $6,000 End of the year physical inventory balance: $35,000

Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter5: The Income Statement And The Statement Of Cash Flows
Section: Chapter Questions
Problem 3RE: Shaquille Corporation began the current year with inventory of 50,000. During the year, its...
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2. What is the Cost of Goods Available for Sale for the year?

Beginning Inventory: $10,000
Purchase for the year: $113,000
Freight-in for the shipping under F.O.B Shipping Point term: $5,000
Purchase Discount for the year: $12,000
Purchase Return for the year: $6,000
End of the year physical inventory balance: $35,000

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