FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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1. What is the Cost of Goods Sold (COGS) for the year?
Beginning Inventory: $10,000
Purchase for the year: $113,000
Freight-in for the shipping under F.O.B Shipping Point term: $5,000
Purchase Discount for the year: $12,000
Purchase Return for the year: $6,000
End of the year physical inventory balance: $35,000
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