Calculate the cost of goods sold Acompany has the followinginformation:•Beginning inventory: $ 50,000Purchases: $ 1,20,000Ending inventory: $ 60,000Calculate the cost of goods sold.

Formula:COGS = Beginning Inventory + Purchases - Ending Inventory Calculation:COGS = $50,000 +…

Answered: A company has the following…

Quickbooks Online Accounting

3rd Edition

ISBN:9780357391693

Author:Owen

Publisher:Owen

Chapter5: Operating Activities: Purchases And Cash Payments

Section: Chapter Questions

Problem 1.7C

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A company has the following information: • Beginning inventory: $ 50,000 Purchases: $ 1,20,000 Ending inventory: $ 60,000 Calculate the cost of goods sold.
Ans
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A company has the following information: • Beginning inventory: $ 50,000 Purchases: $ 1,20,000 Ending inventory: $ 60,000 Calculate the cost of goods sold.