The total cost of goods sold was recorded as $65,900 on the income statement. The inventory account had a beginning balance of $3,000 and an ending balance of $4,500. How much cash was disbursed for food purchases during the year?
The total cost of goods sold was recorded as $65,900 on the income statement. The inventory account had a beginning balance of $3,000 and an ending balance of $4,500. How much cash was disbursed for food purchases during the year?
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 3RE: Reid Company uses the periodic inventory system. On January 1, it had an inventory balance of...
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The total cost of goods sold was recorded as $65,900 on the income statement. The inventory account had a beginning balance of $3,000 and an ending balance of $4,500. How much cash was disbursed for food purchases during the year?
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