Charlotte Metals' operating activities for the year are listed below: Beginning inventory $950,600 Ending inventory Purchases Sales revenue $420,700 $825,900 $1,600,500 Operating expenses $720,300 What is the cost of goods sold (COGS) for the year?

Charlotte Metals' operating activities for the year are listed below: Beginning inventory $950,600 Ending inventory Purchases Sales revenue $420,700 $825,900 $1,600,500 Operating expenses $720,300 What is the cost of goods sold (COGS) for the year?

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter6: Cost Of Goods Sold And Inventory

Section: Chapter Questions

Problem 27CE: Inventory Analysis Singleton Inc. reported the following information for the current year: Required:...

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Charlotte Metals' operating activities for
the year are listed below:
Beginning inventory $950,600
Ending inventory
Purchases
Sales revenue
$420,700
$825,900
$1,600,500
Operating expenses $720,300
What is the cost of goods sold (COGS) for
the year?

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1. What is the Cost of Goods Sold (COGS) for the year? Beginning Inventory: $10,000Purchase for the year: $113,000Freight-in for the shipping under F.O.B Shipping Point term: $5,000Purchase Discount for the year: $12,000Purchase Return for the year: $6,000End of the year physical inventory balance: $35,000
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The amount of cost of goods sold for the period?
Calculate the cost of goods sold for the period
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2. What is the Cost of Goods Available for Sale for the year? Beginning Inventory: $10,000Purchase for the year: $113,000Freight-in for the shipping under F.O.B Shipping Point term: $5,000Purchase Discount for the year: $12,000Purchase Return for the year: $6,000End of the year physical inventory balance: $35,000