1. If a company sells goods that cost $80,000 for $92,000, the firm will:A. reduce Finished-Goods Inventory by $80,000.B. reduce Finished-Goods Inventory by $92.000.C. report sales revenue on the balance sheet of $92.000.D. reduce Cost of Goods Sold by $80,000.E. follow more than one of the above procedures.

Cost Accounting: It is the process of collecting, recording, analyzing the cost, summarizing cost,…

1. lf a company sells goods that cost $80,000 for $92.000, the firm will: A reduce Finished-Goods Inventory by S80,000. B. reduce Finished-Goods Inventory by S92.000. C report sales revenue on the balance sheet of $92.000. D. reduce Cost of Goods Sold by $80,000. E follow more than one of the above procedures.

1. lf a company sells goods that cost $80,000 for $92.000, the firm will: A reduce Finished-Goods Inventory by S80,000. B. reduce Finished-Goods Inventory by S92.000. C report sales revenue on the balance sheet of $92.000. D. reduce Cost of Goods Sold by $80,000. E follow more than one of the above procedures.

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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