Oakland Retail Group begins the year with inventory of $52,000 and ends the year with inventory of $42,000. 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 Required: Calculate cost of goods sold for the year. Beginning inventory Cost of goods available for sale Cost of goods sold $207,000 127,000 157,000 407,000 $ 52,000
Oakland Retail Group begins the year with inventory of $52,000 and ends the year with inventory of $42,000. 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 Required: Calculate cost of goods sold for the year. Beginning inventory Cost of goods available for sale Cost of goods sold $207,000 127,000 157,000 407,000 $ 52,000
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter5: The Income Statement And The Statement Of Cash Flows
Section: Chapter Questions
Problem 3RE: Shaquille Corporation began the current year with inventory of 50,000. During the year, its...
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![Exercise 6-1 (Algo) Calculate cost of goods sold (LO6-2)
Oakland Retail Group begins the year with inventory of $52,000 and ends the year with inventory of $42,000. 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
Required:
Calculate cost of goods sold for the year.
Beginning inventory
A
Cost of goods available for sale
Cost of goods sold
$207,000
127,000
157,000
407,000
$
52,000](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F58f50c38-fbab-4904-b9db-7b0f64c24aff%2F6b9e76d0-b6d4-4a1b-93e2-c39a3c4ada8d%2Fksfdcc_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Exercise 6-1 (Algo) Calculate cost of goods sold (LO6-2)
Oakland Retail Group begins the year with inventory of $52,000 and ends the year with inventory of $42,000. 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
Required:
Calculate cost of goods sold for the year.
Beginning inventory
A
Cost of goods available for sale
Cost of goods sold
$207,000
127,000
157,000
407,000
$
52,000
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