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Cornerstones of Financial Accounti...

4th Edition
Jay Rich + 1 other
ISBN: 9781337690881

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BuyFindarrow_forward

Cornerstones of Financial Accounti...

4th Edition
Jay Rich + 1 other
ISBN: 9781337690881
Textbook Problem
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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

To determine

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.

Explanation

The Cost of Goods sold is calculated as follows:

Cost of Goods Sold = Beginning inv...

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