Pembrook Company had beginning inventory on May 1 of $12,000. During the month, the company made...
Pembrook Company had beginning inventory on May 1 of $12,000. During the month, the company made purchases of $30,000 but returned $2,000 of goods because they were defective. Calculate cost of goods available for sale and cost of goods sold for the month.
Homework Answers
Beginning Inventory = $12,000
Add Net purchases ($30,000 - $2,000) = $28,000
Goods Available for sale = $40,000
Less: Ending Inventory = $0
Cost of goods sold = $40,000
Assuming Ending Inventory '0' as nothing specified in question
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