H. Richards Company, a calendar yearend company, reported the following balances: Inventory Accounts payable December 31, 2021 $65,000 18,750 December 31, 2020 $72,500 12,500 Richards paid suppliers $122,500 during 2021. What was Richards' 2021 cost of goods sold?

H. Richards Company, a calendar yearend company, reported the following balances: Inventory Accounts payable December 31, 2021 $65,000 18,750 December 31, 2020 $72,500 12,500 Richards paid suppliers $122,500 during 2021. What was Richards' 2021 cost of goods sold?

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter10: Inventory

Section: Chapter Questions

Problem 13PB: Company Edgar reported the following cost of goods sold but later realized that an error had been...

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Question

H. Richards Company, a calendar yearend company, reported the following balances:
Inventory
Accounts payable
December 31, 2021
$65,000
18,750
December 31, 2020
$72,500
12,500
Richards paid suppliers $122,500 during 2021. What was Richards' 2021 cost of goods sold?

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