ABC Company has beginning and ending inventories of $150,000 and $125,000. Net purchases were $500,000, while freight was $75,000. What was ABC Company's cost of goods sold? $525,000 $650,000 $600,000 $725,000

ABC Company has beginning and ending inventories of $150,000 and $125,000. Net purchases were $500,000, while freight was $75,000. What was ABC Company's cost of goods sold? $525,000 $650,000 $600,000 $725,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

ABC Company has beginning and ending inventories of $150,000 and
$125,000. Net purchases were $500,000, while freight was $75,000.
What was ABC Company's cost of goods sold?
$525,000
$650,000
$600,000
$725,000

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