A company has beginning inventory for the year of $12,500. During the year, the company purchases inventory for $120,000...
A company has beginning inventory for the year of $12,500. During the year, the company purchases inventory for $120,000 and ends the year with $28,000 of inventory. The company will report cost of goods sold equal to:
Homework Answers
Cost of Goods Sold
= Beginning inventory + Purchases - Ending inventory
= 12,500 + 120,000 - 28,000
= 104,500
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