A Corporation began the year with $20,000 in inventory. During the year, they purchased $62,000 in inventory. The end of the year count showed $21,000 in inventory. The cost of goods sold for the year is $61,000. Ⓒ True O False
A Corporation began the year with $20,000 in inventory. During the year, they purchased $62,000 in inventory. The end of the year count showed $21,000 in inventory. The cost of goods sold for the year is $61,000. Ⓒ True O False
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
True or False? And why?
Transcribed Image Text:A Corporation began the year with $20,000 in inventory. During the year, they purchased $62,000 in inventory. The end of the year count showed $21,000 in inventory. The cost of goods
sold for the year is $61,000.
Ⓒ True
O False
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