Atlas Manufacturing reported the following data for last year: • • Sales: $95,000 Beginning Inventory: $15,000 ⚫ Purchases: $52,000 • • Ending Inventory: $13,000 What is the Cost of Goods Sold? Options: A. $67,000 B. $54,000 C. $39,000 D. $49,000

Atlas Manufacturing reported the following data for last year: • • Sales: $95,000 Beginning Inventory: $15,000 ⚫ Purchases: $52,000 • • Ending Inventory: $13,000 What is the Cost of Goods Sold? Options: A. $67,000 B. $54,000 C. $39,000 D. $49,000

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter8: Inventories: Special Valuation Issues

Section: Chapter Questions

Problem 11RE: Johnson Corporation had beginning inventory of 20,000 at cost and 35,000 at retail. During the year,...

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Question

What is the cost of goods sold? General Accounting question

Atlas Manufacturing reported the following data for last year:
•
•
Sales: $95,000
Beginning Inventory: $15,000
⚫ Purchases: $52,000
•
•
Ending Inventory: $13,000
What is the Cost of Goods Sold?
Options:
A. $67,000
B. $54,000
C. $39,000
D. $49,000

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