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The following information is available from Goodyear Company’s 2022 accounting records:                      Purchases                              P530,000                      Purchase discounts                    10,000                      Beginning inventory                 160,000                       Ending inventory                     215,000                       Freight-out                                40,000 Goodyear’s 2022 cost of goods sold is:   a. 465,000 b. 475,000 c. 505,000 d. 585,000

The following information is available from Goodyear Company’s 2022 accounting records:                      Purchases                              P530,000                      Purchase discounts                    10,000                      Beginning inventory                 160,000                       Ending inventory                     215,000                       Freight-out                                40,000 Goodyear’s 2022 cost of goods sold is:   a. 465,000 b. 475,000 c. 505,000 d. 585,000

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
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The following information is available from Goodyear Company’s 2022 accounting records:
                     Purchases                              P530,000
                     Purchase discounts                    10,000
                     Beginning inventory                 160,000
                      Ending inventory                     215,000
                      Freight-out                                40,000

Goodyear’s 2022 cost of goods sold is:
 
a. 465,000
b. 475,000
c. 505,000
d. 585,000
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