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
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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