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 Sales revenue Sales returns Purchases Purchase discounts Purchase returns. Freight-in Debit $ 33,500 Cost of goods sold 13,500 255,000 20,000 Credit $ 395,000 7,500 11,500 In addition, you determine that the June 30, 2024, inventory balance is $41,500. 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 Sales revenue Sales returns Purchases Purchase discounts Purchase returns. Freight-in Debit $ 33,500 Cost of goods sold 13,500 255,000 20,000 Credit $ 395,000 7,500 11,500 In addition, you determine that the June 30, 2024, inventory balance is $41,500. Required: Please calculate the cost of goods sold for the Five Guys for the year ending June 30, 2024.

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.
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