Fernando Traders has a balance date of 31 December. On 1 January 2XX3, it had an opening inventory balance of $15,000. During the year, Fernando Traders purchased $30,000 worth of goods for resale. On 31 December 2XX3, the closing inventory balance was $13,000. Sales for the year totaled $50,000. What is the Cost of Goods Sold for Fernando Traders for the period ending 31 December 2XX3?

Fernando Traders has a balance date of 31 December. On 1 January 2XX3, it had an opening inventory balance of $15,000. During the year, Fernando Traders purchased $30,000 worth of goods for resale. On 31 December 2XX3, the closing inventory balance was $13,000. Sales for the year totaled $50,000. What is the Cost of Goods Sold for Fernando Traders for the period ending 31 December 2XX3?

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter4: Job Order Costing

Section: Chapter Questions

Problem 6EA: Logo Gear purchased $2,250 worth of merchandise during the month, and its monthly income statement...

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