Question
Asked Feb 26, 2019
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Cost of Goods Sold and the Periodic System
Hermani Company uses the periodic inventory system. Hermani started the
period with $20,000 in inventory. The Company purchased an additional
$25,000 of merchandise and returned $3,000 for a full credit.
If Hermani's cost of goods sold during the period was $35,000, what must have
been the total of the physical inventory count?
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Cost of Goods Sold and the Periodic System Hermani Company uses the periodic inventory system. Hermani started the period with $20,000 in inventory. The Company purchased an additional $25,000 of merchandise and returned $3,000 for a full credit. If Hermani's cost of goods sold during the period was $35,000, what must have been the total of the physical inventory count?

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Step 1

Calculate physical inventory count (Ending inventory) &nbs...

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