Russell Retail Group begins the year with inventory of $55,000 and ends the year with inventory of $45,000. During the year, the company has four purchases for the following amounts. $210,000 Purchase on February 17 Purchase on May 6 Purchase on September 8 Purchase on December 4 130,000 160,000 410,000

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
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Chapter1: Financial Statements And Business Decisions
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Russell Retail Group begins the year with inventory of $55,000 and ends the year with inventory
of $45,000. 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
$210,000
130,000
160,000
410,000
Required:
Calculate cost of goods sold for the year.
Transcribed Image Text:Russell Retail Group begins the year with inventory of $55,000 and ends the year with inventory of $45,000. 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 $210,000 130,000 160,000 410,000 Required: Calculate cost of goods sold for the year.
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