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College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
ISBN: 9781337794756

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Chapter
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BuyFindarrow_forward

College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
ISBN: 9781337794756
Textbook Problem

The difference between merchandise available for sale and the end-of-period merchandise inventory is called

  1. (a) gross profit.
  2. (b) net purchases.
  3. (c) net sales.
  4. (d) cost of goods sold.

To determine

Find the correct option, the option that indicates the correct term for the difference between the goods available for sale and ending inventory.

Explanation

Cost of goods sold: The amount of cost of merchandise sold during a certain period is referred to as cost of goods sold.

Computation of cost of goods sold:

Cost of Goods Sold
Beginning inventory balance$XXX
Cost of goods bought during the periodXXX
Cost of goods available for saleXXX
Less: Ending inventory(XXX)
Cost of goods sold$XXX

Table (1)

Justification for correct answer: Table (1) denotes the computation of cost of goods sold...

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