company started the year with $10,000 of inventory. Purchases for resale during the year were $20,000. Inventory on December 31 is $5,000. What is the cost of goods sold?  $5000 $10000 $25000 $30000 $35000

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
Chapter7: Inventories: Cost Measurement And Flow Assumptions
Section: Chapter Questions
Problem 3RE: Reid Company uses the periodic inventory system. On January 1, it had an inventory balance of...
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a company started the year with $10,000 of inventory. Purchases for resale during the year were $20,000. Inventory on December 31 is $5,000. What is the cost of goods sold? 

$5000

$10000

$25000

$30000

$35000

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