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?

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?

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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