During Bright Retail Inc.'s first year of operations, it purchases $140,000 of inventory on account. If Bright Retail's ending inventory is $30,000 and sales are $170,000, what is the cost of goods sold (COGS)? A. $30,000 B. $60,000 C. $90,000 D. $110,000

During Bright Retail Inc.'s first year of operations, it purchases $140,000 of inventory on account. If Bright Retail's ending inventory is $30,000 and sales are $170,000, what is the cost of goods sold (COGS)? A. $30,000 B. $60,000 C. $90,000 D. $110,000

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

Chapter8: Inventories: Special Valuation Issues

Section: Chapter Questions

Problem 11RE: Johnson Corporation had beginning inventory of 20,000 at cost and 35,000 at retail. During the year,...

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Question

What is the cost of goods sold on these financial accounting question?

During Bright Retail Inc.'s first year of operations, it purchases $140,000 of
inventory on account. If Bright Retail's ending inventory is $30,000 and sales
are $170,000, what is the cost of goods sold (COGS)?
A. $30,000
B. $60,000
C. $90,000
D. $110,000

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