Consider the following: March 15 current year: Linsay bought 80 bags of mulch for $640.00 April...
Consider the following:
- March 15 current year: Linsay bought 80 bags of mulch for $640.00
- April 20 current year: Linsay bought 75 bags of mulch for $618.75
- June 12 current year: Linsay sold 125 bags of mulch to Woody’s Weeds-Be-Gone Inc.
What is the debit entry to cost of goods sold when Linsay records the sale to Woody’s Weeds-Be-Gone?
- A) $1,000.00
- B) $1,011.25
- C) $1,015.12
- D) $1,031.25
Homework Answers
Calculate debit entry to Cost of goods sold
Cost of goods sold = (640+618.75/75*45) = 1011.25
So answer is b) $1011.25
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