Calculate the cost of goods sold using the following information from a retail business: Sales.. Purchases Sales returns.. $725,000 $442,000 .$24,000 Purchases returns...... ..$18,000 Opening stock value..........$52,750 Closing stock value... $48,250 Operating expenses.. $225,000

Calculate the cost of goods sold using the following information from a retail business: Sales.. Purchases Sales returns.. $725,000 $442,000 .$24,000 Purchases returns...... ..$18,000 Opening stock value..........$52,750 Closing stock value... $48,250 Operating expenses.. $225,000

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

Chapter5: The Income Statement And The Statement Of Cash Flows

Section: Chapter Questions

Problem 2MC: The following information is available for Cooke Company for the current year: The gross margin is...

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Question

Kindly help me Accounting question

Calculate the cost of goods sold using the following information from
a retail business:
Sales..
Purchases
Sales returns..
$725,000
$442,000
.$24,000
Purchases returns...... ..$18,000
Opening stock value..........$52,750
Closing stock value...
$48,250
Operating expenses..
$225,000

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