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

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.

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