Glen Company provided the following for the current year: Warehouse Inventory on Consignment Beg Inventory 1,100,000.00 120,000.00 Purchases 4,800,000.00 600,000.00 Freight In 100,000.00 Transportation to consignees 50,000.00 Freight out 300,000.00 80,000.00 Ending Inventory 1,450,000.00 200,000.00 What is the cost of goods sold for the current year?

Glen Company provided the following for the current year: Warehouse Inventory on Consignment Beg Inventory 1,100,000.00 120,000.00 Purchases 4,800,000.00 600,000.00 Freight In 100,000.00 Transportation to consignees 50,000.00 Freight out 300,000.00 80,000.00 Ending Inventory 1,450,000.00 200,000.00 What is the cost of goods sold for the current year?

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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Glen Company provided the following for the current year:
		Warehouse	Inventory on Consignment
	Beg Inventory	1,100,000.00	120,000.00
	Purchases	4,800,000.00	600,000.00
	Freight In	100,000.00
	Transportation to consignees		50,000.00
	Freight out	300,000.00	80,000.00
	Ending Inventory	1,450,000.00	200,000.00

What is the cost of goods sold for the current year?