he following information was derived from the 20x1 accounting record of Clem Co Good in warehouseGoods held by consigneesBeginning inventory110,00012,000Purchases480,00060,000Freight In10,000 Transportation to consignees 5,000Freight Out 8,0030,0000Ending Inventory145,00020,000Clem’s 20x1 cost of sales wasa.455,000b. 485,000c. 507,000d. 512,000

Name: he following information was derived from the 20x1 accounting record o
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Description: he following information was derived from the 20x1 accounting record of Clem Co Good in warehouseGoods held by consigneesBeginning inventory110,00012,000Purchases480,00060,000Freight In10,000 Transportation to consignees 5,000Freight Out 8,0030,0000E

Total beginning inventory=Warehouse+Consignee=110,000+12,000=122,000

Answered: he following information was derived…

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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he following information was derived from the 20x1 accounting record of Clem Co

	Good in warehouse	Goods held by consignees
Beginning inventory	110,000	12,000
Purchases	480,000	60,000
Freight In	10,000
Transportation to consignees		5,000
Freight Out		8,0030,0000
Ending Inventory	145,000	20,000

Clem’s 20x1 cost of sales was

a.455,000

b. 485,000

c. 507,000

d. 512,000

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