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Flaherty company had a beginning inventory of on may 1 of 12000, during the month the company made purchases of 40000 but returned 2000 of goods because they were defective. At the end of the month, the inventory on hand was valued at 15500 Calculate costs of goods available for sale and cost of goods for the month

Flaherty company had a beginning inventory of on may 1 of 12000, during the month the company made purchases of 40000 but returned 2000 of goods because they were defective. At the end of the month, the inventory on hand was valued at 15500 Calculate costs of goods available for sale and cost of goods for the month

Intermediate Accounting: Reporting And Analysis
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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Flaherty company had a beginning inventory of on may 1 of 12000, during the month the company made purchases of 40000 but returned 2000 of goods because they were defective. At the end of the month, the inventory on hand was valued at 15500

Calculate costs of goods available for sale and cost of goods for the month.

 

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