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Law's 2021 cost of sales was a. $534,000 b. $500,000 c. $539,000 d. $470,000

Law's 2021 cost of sales was a. $534,000 b. $500,000 c. $539,000 d. $470,000

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
Chapter8: Inventories: Special Valuation Issues
Section: Chapter Questions
Problem 8MC: At December 31, 2019, the following information was available from Crisford Companys books: Sales...
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Law's 2021 cost of sales was

a. $534,000

b. $500,000

c. $539,000

d. $470,000

The following information was derived from the 2021 accounting records of Law Co.: Law's Goods Held by Consignees $14,000 70,000 Law's Central Warehouse Beginning inventory Purchases $130,000 475,000 10,000 Freight-in Transportation to consignees Freight-out Ending inventory 5,000 8,000 30,000 145,000 20,000
Transcribed Image Text:The following information was derived from the 2021 accounting records of Law Co.: Law's Goods Held by Consignees $14,000 70,000 Law's Central Warehouse Beginning inventory Purchases $130,000 475,000 10,000 Freight-in Transportation to consignees Freight-out Ending inventory 5,000 8,000 30,000 145,000 20,000
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