The following information is available for Naab Company for 2020The cost of goods sold is equal to 400% of selling expenses. What is the cost of goods available for sale?Freight in                               $60,000                                                                   Purchase returns                    150,000                                                                  Selling Expense                       460,000                                                                Ending Inventory                     520,000

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Asked Nov 24, 2019
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The following information is available for Naab Company for 2020

The cost of goods sold is equal to 400% of selling expenses. What is the cost of goods available for sale?

Freight in                               $60,000                                                                   Purchase returns                    150,000                                                                  Selling Expense                       460,000                                                                Ending Inventory                     520,000                                                     

 

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Expert Answer

Step 1
=400% of Selling Expenses
Given: Cost of Goods sold
Therefore,
Cost of goods sold
- $460,000 x 400%
=S1,840,000
Therefore, Cost of goods sold is $1.840,000
$520,000
Ending Inventory
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=400% of Selling Expenses Given: Cost of Goods sold Therefore, Cost of goods sold - $460,000 x 400% =S1,840,000 Therefore, Cost of goods sold is $1.840,000 $520,000 Ending Inventory

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