A company begins the year with inventory of $50,000 and ends the year with inventory of $40,000. During the year, the company has four purchases for the following amounts. $205,000 125, 000 Purchase on February 17 Purchase on May 6 Purchase on September 8 Purchase on December 4 155,000 405,000 Required: Calculate cost of goods sold for the year. Beginning inventory Cost of goods available for sale Cost of goods sold

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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A company begins the year with inventory of $50,000 and ends the year with inventory of $40,000. During the year, the company has
four purchases for the following amounts.
Purchase on February 17
Purchase on May 6
Purchase on September 8
Purchase on December 4
$205,000
125,000
155, 90ө
405,000
Required:
Calculate cost of goods sold for the year.
Beginning inventory
Cost of goods available for sale
Cost of goods sold
Transcribed Image Text:A company begins the year with inventory of $50,000 and ends the year with inventory of $40,000. During the year, the company has four purchases for the following amounts. Purchase on February 17 Purchase on May 6 Purchase on September 8 Purchase on December 4 $205,000 125,000 155, 90ө 405,000 Required: Calculate cost of goods sold for the year. Beginning inventory Cost of goods available for sale Cost of goods sold
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