Chowkie Company has the ff information: Inventory Accounts payable December 31, 2010 USD 2,000,000 870,000 December 31, 2011 USD 1, 900,000 900,000 The cost of goods purchased in 2011 was USD8,450,000 while cash purchases of inventory totaled USD1,450,000. Given these, a.) how much is the cost of goods sold in 2011 and b) In 2011, how much cash was paid to suppliers in total? Show solution and explanation

Chowkie Company has the ff information: Inventory Accounts payable December 31, 2010 USD 2,000,000 870,000 December 31, 2011 USD 1, 900,000 900,000 The cost of goods purchased in 2011 was USD8,450,000 while cash purchases of inventory totaled USD1,450,000. Given these, a.) how much is the cost of goods sold in 2011 and b) In 2011, how much cash was paid to suppliers in total? Show solution and explanation

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter13: Accounting For Merchandise Inventory

Section: Chapter Questions

Problem 4CE: Kulsrud Company would like to estimate the current inventory level. Using the gross profit method...

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