What amount should DAISY report as cost of goods sold in its 2020 income statement? Inventory, January 1Inventory on hand, December 31Inventory out on consignment, December 31244,000290,00040,0001,080,00020,000PurchasesFreight-inFreight-out to customersFreight-out to consignees70,00010,000

Explanation: The Cost of goods sold (COGS) includes All direct costs of products, that the company…

Inventory, January 1 Inventory on hand, December 31 244,000 290,000 40,000 Inventory out on consignment, December 31 Purchases 1,080,000 Freight-in Freight-out to customers Freight-out to consignees 20,000 70,000 10,000

Inventory, January 1 Inventory on hand, December 31 244,000 290,000 40,000 Inventory out on consignment, December 31 Purchases 1,080,000 Freight-in Freight-out to customers Freight-out to consignees 20,000 70,000 10,000

FINANCIAL ACCOUNTING

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ISBN:9781259964947

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Chapter1: Financial Statements And Business Decisions

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Question

What amount should DAISY report as cost of goods sold in its 2020 income statement?

Inventory, January 1
Inventory on hand, December 31
Inventory out on consignment, December 31
244,000
290,000
40,000
1,080,000
20,000
Purchases
Freight-in
Freight-out to customers
Freight-out to consignees
70,000
10,000

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