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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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