31. At the end of FY2020, our company reported $100k in Inventory. Over FY2021, we spent another $70k purchasing Inventory. At the end of FY2021, we reported $80k in Inventory on our Balance Sheet. What was our company's Cost of Goods Sold for FY2021? (a) $70k (b) $90k (c) $110k (d) Not enough information without inventory costing mehod (FIFO, LIFO, etc.) (e) None of the above.

31. At the end of FY2020, our company reported $100k in Inventory. Over FY2021, we spent another $70k purchasing Inventory. At the end of FY2021, we reported $80k in Inventory on our Balance Sheet. What was our company's Cost of Goods Sold for FY2021? (a) $70k (b) $90k (c) $110k (d) Not enough information without inventory costing mehod (FIFO, LIFO, etc.) (e) None of the above.

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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