Flag company had a $34000 beginning inventory and a $40000 ending inventory. Net sales were $172000; purchases, $71000; purchase returns and allowances, $3000; and freight in $8000. How much is the cost of goods sold for the period?

Flag company had a $34000 beginning inventory and a $40000 ending inventory. Net sales were $172000; purchases, $71000; purchase returns and allowances, $3000; and freight in $8000. How much is the cost of goods sold for the period?

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter5: The Income Statement And The Statement Of Cash Flows

Section: Chapter Questions

Problem 2MC: The following information is available for Cooke Company for the current year: The gross margin is...

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How much is the cost of goods sold for the period???

Flag company had a $34000 beginning inventory
and a $40000 ending inventory. Net sales were
$172000; purchases, $71000; purchase returns and
allowances, $3000; and freight in $8000. How much
is the cost of goods sold for the period?

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