Cirque Manufacturing started the year with $275,000 in beginning inventory. During the year, Cirque purchased an additional $890,000 in inventory. At the end of the year, Cirque employees performed a physical count and determined that the ending inventory amounted to $315,000. What was Cirque's cost of goods sold for the year? a. $850,000 b. $890,000 c. $915,000 d. $735,000

Cirque Manufacturing started the year with $275,000 in beginning inventory. During the year, Cirque purchased an additional $890,000 in inventory. At the end of the year, Cirque employees performed a physical count and determined that the ending inventory amounted to $315,000. What was Cirque's cost of goods sold for the year? a. $850,000 b. $890,000 c. $915,000 d. $735,000

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 3RE: Shaquille Corporation began the current year with inventory of 50,000. During the year, its...

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Langstons purchased $3,100 of merchandise during the month, and its monthly income statement shows a cost of goods sold of $3,000. What was the beginning inventory if the ending inventory was $1,250?
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Johnson Corporation had beginning inventory of 20,000 at cost and 35,000 at retail. During the year, it made net purchases of 180,000 at cost and 322,000 at retail. Johnson nude sales of 300,000. Assuming a price index of 100 at the beginning of the year and 110 at the end of the year, compute Johnsons ending inventory at cost using the dollar-value LIFO retail method.
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