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If a company has a total of $358,241 in food inventory at the beginning of the month, purchases $445,101 of goods during the month and has $627,333 remaining at the end of the month, what is their cost of food sold? There were no departmental transfer or other credits during the month.

If a company has a total of $358,241 in food inventory at the beginning of the month, purchases $445,101 of goods during the month and has $627,333 remaining at the end of the month, what is their cost of food sold? There were no departmental transfer or other credits during the month.

FINANCIAL ACCOUNTING
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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If a company has a total of $358,241 in food inventory at the beginning of the month, purchases $445,101 of goods during the month and has $627,333 remaining at the end of the month, what is their cost of food sold? There were no departmental transfer or other credits during the month.
Transcribed Image Text:If a company has a total of $358,241 in food inventory at the beginning of the month, purchases $445,101 of goods during the month and has $627,333 remaining at the end of the month, what is their cost of food sold? There were no departmental transfer or other credits during the month.
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