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Cornerstones of Financial Accounti...
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Cornerstones of Financial Accounti...
If beginning inventory is $20,000, purchases are $185,000, and ending inventory is $30,000, what is cost of goods sold as determined by the cost of goods sold model?
a. $135,000
b. $175,000
c. $195,000
d. $235,000
Concept introduction:
Cost of Goods sold:
The Cost of goods sold is the difference of Cost of goods Available for sale and the Ending finished goods inventory. The formula to calculate the Cost of goods sold is as follows:
Cost of Goods sold = Cost of goods available for sale − Ending finished goods inventory
To calculate:
The Cost of Goods sold.
The Cost of Goods sold is calculated as follows:
Cost of Goods Sold = Beginning inv...
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