Use the following information to calculate Honest Tea, Inc.'s Cost of Goods Sold for the year. Note: All purchases of inventory are on accou December 31 Inventory $17,000 January 1 Inventory 10,000 Sales during the year 50,000 December 31 Accounts Payable 23,000 Purchases of Inventory on Account during the year 31,000

Corporate Financial Accounting
14th Edition
ISBN:9781305653535
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter14: Financial Statement Analysis
Section: Chapter Questions
Problem 14.5BE: Inventory analysis A company reports the following: Cost of goods sold 435,000 Average inventory...
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QUESTION 32
Use the following information to calculate Honest Tea, Inc.'s Cost of Goods Sold for the year. Note: All purchases of inventory are on accour
December 31 Inventory
$17,000
January 1 Inventory
10,000
Sales during the year
50,000
December 31 Accounts Payable
23,000
Purchases of Inventory on Account during the year
31,000
Transcribed Image Text:QUESTION 32 Use the following information to calculate Honest Tea, Inc.'s Cost of Goods Sold for the year. Note: All purchases of inventory are on accour December 31 Inventory $17,000 January 1 Inventory 10,000 Sales during the year 50,000 December 31 Accounts Payable 23,000 Purchases of Inventory on Account during the year 31,000
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