Earnings and Expenses (Year Ending January 2012) $100,000,000 $85,000,000 $10,300,000 Sales Cost of goods sold (COGS) Pretax earnings Selected Balance Sheet Items Merchandise Inventory Total assets $5,150,000 $11,000,000

Earnings and Expenses (Year Ending January 2012) $100,000,000 $85,000,000 $10,300,000 Sales Cost of goods sold (COGS) Pretax earnings Selected Balance Sheet Items Merchandise Inventory Total assets $5,150,000 $11,000,000

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

Chapter7: Inventories: Cost Measurement And Flow Assumptions

Section: Chapter Questions

Problem 2RE: On January 1, Pope Enterprises inventory was 625,000. Pope made 950,000 of net purchases during the...

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On January 1, Pope Enterprises inventory was 625,000. Pope made 950,000 of net purchases during the year. On its year-end income statement, Pope reported cost of goods sold of 1,025,000. Calculate Popes December 31 ending inventory.
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