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College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
ISBN: 9781337794756

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BuyFindarrow_forward

College Accounting, Chapters 1-27

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

What spreadsheet amounts are used to compute cost of goods sold?

To determine

State the spreadsheet amounts that are used to compute cost of goods sold.

Explanation

Cost of goods sold:

Cost of goods sold is the total of all the manufacturing expenses incurred by a company to sell the goods during the given period.

The information available to compute cost of goods sold must be readily available and to provide this information, beginning inventory must be extended to adjusted trial balance account debit columns and it is added to the purchases. Additionally, ending inventory must be extended to adjusted trial balance credit columns and it is subtracted while calculating cost of goods sold...

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