FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Holmes Company reported the following year-end amounts:
Net Sales
Beginning Inventory
Net Cost of Purchases
Ending Inventory
Cost of Goods Sold
Gross Profit
$157,500
22,950
101,250
?
?
64,350
What is Holmes Company's Ending Inventory and Cost of Goods Sold for the year?
O Ending Inventory = $31,050; Cost of Goods Sold = $93,150
O Ending Inventory = $26,250; Cost of Goods Sold = $60,600
O Ending Inventory = $14,850; Cost of Goods Sold = $93,150
O Ending Inventory = $26,700; Cost of Goods Sold = $60,600
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Transcribed Image Text:Holmes Company reported the following year-end amounts: Net Sales Beginning Inventory Net Cost of Purchases Ending Inventory Cost of Goods Sold Gross Profit $157,500 22,950 101,250 ? ? 64,350 What is Holmes Company's Ending Inventory and Cost of Goods Sold for the year? O Ending Inventory = $31,050; Cost of Goods Sold = $93,150 O Ending Inventory = $26,250; Cost of Goods Sold = $60,600 O Ending Inventory = $14,850; Cost of Goods Sold = $93,150 O Ending Inventory = $26,700; Cost of Goods Sold = $60,600
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