Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN: 9781337788281
Author: James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher: Cengage Learning
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Russell Retail Group begins the year with inventory of $64,000 and ends the year with inventory of $54,000. During the year, the
company has four purchases for the following amounts.
Purchase on February 17
$219,000
Purchase on May 6
139,000
Purchase on September 8
169,000
Purchase on December 4
419,000
Required:
Calculate cost of goods sold for the year.
Beginning inventory
Cost of goods available for sale
Cost of goods sold
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Transcribed Image Text:Russell Retail Group begins the year with inventory of $64,000 and ends the year with inventory of $54,000. During the year, the company has four purchases for the following amounts. Purchase on February 17 $219,000 Purchase on May 6 139,000 Purchase on September 8 169,000 Purchase on December 4 419,000 Required: Calculate cost of goods sold for the year. Beginning inventory Cost of goods available for sale Cost of goods sold
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