Answered: Compute for the Cost of Goods Sold…

Business

Management

Compute for the Cost of Goods Sold using the following:

Understanding Business

12th Edition

ISBN:9781259929434

Author:William Nickels

Publisher:William Nickels

Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment

Section: Chapter Questions

Problem 1CE

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Question

Activity # 4 Preparation of Statement of Comprehensive Income
1. Compute for the Cost of Goods Sold using the following:
• Sales – 15,000
• Purchases – 2,000
• Purchase returns – 200
• Purchase discounts – 200
• Freight in – 100
• Beginning inventory – 1,000
• Ending inventory – 500

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