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Five Guys is an American fast food restaurant chain focused on hamburgers, hot dogs, and French fries. The June 30, 2024, year-end trial balance for Five Guys contained the following information: Account Inventory, 7/1/2023 Debit $32,300 Sales revenue Sales returns Purchases Purchase discounts Purchase returns Freight-in In addition, you determine that the June 30, 2024, inventory balance is $40,300. 12,300 243,000 Credit $ 383,000 17,600 6,300 10,300 Required: Please calculate the cost of goods sold for the Five Guys for the year ending June 30, 2024.

Five Guys is an American fast food restaurant chain focused on hamburgers, hot dogs, and French fries. The June 30, 2024, year-end trial balance for Five Guys contained the following information: Account Inventory, 7/1/2023 Debit $32,300 Sales revenue Sales returns Purchases Purchase discounts Purchase returns Freight-in In addition, you determine that the June 30, 2024, inventory balance is $40,300. 12,300 243,000 Credit $ 383,000 17,600 6,300 10,300 Required: Please calculate the cost of goods sold for the Five Guys for the year ending June 30, 2024.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Five Guys is an American fast food restaurant chain focused on hamburgers, hot dogs, and French fries. The June 30, 2024, year-end trial balance for Five Guys contained the following information: Account Inventory, 7/1/2023 Debit $32,300 Sales revenue Sales returns Purchases Purchase discounts Purchase returns. Freight-in 17,600 In addition, you determine that the June 30, 2024, inventory balance is $40,300. Cost of goods sold Credit 12,300 243,000 $ 383,000 6,300 10,300 Required: Please calculate the cost of goods sold for the Five Guys for the year ending June 30, 2024.
Transcribed Image Text:Five Guys is an American fast food restaurant chain focused on hamburgers, hot dogs, and French fries. The June 30, 2024, year-end trial balance for Five Guys contained the following information: Account Inventory, 7/1/2023 Debit $32,300 Sales revenue Sales returns Purchases Purchase discounts Purchase returns. Freight-in 17,600 In addition, you determine that the June 30, 2024, inventory balance is $40,300. Cost of goods sold Credit 12,300 243,000 $ 383,000 6,300 10,300 Required: Please calculate the cost of goods sold for the Five Guys for the year ending June 30, 2024.
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