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. Required: Please calculate the cost of goods sold for the Five Guys for the year ending June 30, 2024. Cost of goods sold 12,300 243,000 Credit 17,600 $ 383,000 6,300 10,300

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. Required: Please calculate the cost of goods sold for the Five Guys for the year ending June 30, 2024. Cost of goods sold 12,300 243,000 Credit 17,600 $ 383,000 6,300 10,300

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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This is a practice problem for my midterm. I would like a detailed steps and explination as I don't know how to solve it.
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