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The company has beginning inventory for the year of $24,000, during the year cost of goods sold was $64700 and the company's ending inventory equals $33,000. What were purchases for the year? O $656,00O O $671,00O O $680,000 O $638,00O

The company has beginning inventory for the year of $24,000, during the year cost of goods sold was $64700 and the company's ending inventory equals $33,000. What were purchases for the year? O $656,00O O $671,00O O $680,000 O $638,00O

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 16E: Dollar-Value LIFO A company adopted the LIFO method when its inventory was 1,800. One year later its...
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S pts The company has beginning inventory for the year of $24,000, during the year cost of goods sold was $647000 and the company's ending inventory equals $33,000. VWhat were purchases for the year? O $656,000 O $671,00O $6B0,000 O $638,000
Transcribed Image Text:S pts The company has beginning inventory for the year of $24,000, during the year cost of goods sold was $647000 and the company's ending inventory equals $33,000. VWhat were purchases for the year? O $656,000 O $671,00O $6B0,000 O $638,000
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