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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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What are the components of cost of goods available for sale and cost of goods sold?

To determine

Concept introduction:

Cost of goods Available for sale:

The Cost of goods Available for sale is the sum of beginning finished goods inventory and the cost of goods manufactured. The formula to calculate the Cost of goods Available for sale is as follows:

Cost of Goods Available for sale = Beginning inventory + Cost of Goods manufactured

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 indicate:

The components of Cost of Goods Available for sale and Cost of Goods sold.

Explanation

The Cost of goods Available for sale is the sum of beginning finished goods inventory and the cost of goods manufactured. The formula to calculate the Cost of goods Available for sale is as follows:

Cost of Goods Available for sale = Beginning finished goods inventory + Cost of Goods manuf...

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