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Description: Finished goods inventory, June 1Cost of goods manufacturedCost of finished goods available for saleFinished goods inventory, June 30Cost of goods sold$ 116,600825,900(a)130,000(b)

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Accounting

Finished goods inventory, June 1 Cost of goods manufactured Cost of finished goods available for sale Finished goods inventory, June 30 Cost of goods sold $ 116,600 825,900 (a) 130,000 (b)

Financial And Managerial Accounting

15th Edition

ISBN:9781337902663

Author:WARREN, Carl S.

Publisher:WARREN, Carl S.

Chapter5: Accounting For Retail Businesses

Section: Chapter Questions

Problem 44E: Appendix 2 Cost of goods sold Identify the errors in the following schedule of the cost of goods...

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Concept explainers

Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.

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Finished goods inventory, June 1
Cost of goods manufactured
Cost of finished goods available for sale
Finished goods inventory, June 30
Cost of goods sold
$ 116,600
825,900
(a)
130,000
(b)

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