need formula for cost of goods soldCURRENT ASSETS Cash and cash equivalents $ 607,987 $ 480,626Accounts receivable, net104,50080,545Inventory26,44526,096Prepaid expenses and other current assets54,90657,076Income tax receivable282,78327,705Investments343,616400,156Total current assets1,420,2371,072,204Leasehold improvements, property and equipment, net1,584,3111,458,690Long term investments102,3280Restricted cash27,84927,855Operating lease assets2,767,1852,505,466Other assets59,04718,450Goodwill21,93921,939Total assets5,982,8965,104,604Current liabilities: Accounts payable121,990115,816Accrued payroll and benefits203,054126,600Accrued liabilities164,649155,843Unearned revenue127,75095,195Current operating lease liabilities204,756173,139Total current liabilities822,199666,593Commitments and contingencies (Note 12) Long-term operating lease liabilities2,952,2962,678,374Deferred income tax liabilities149,42237,814Other liabilities38,84438,797Total liabilities3,962,7613,421,578Shareholders' equity: Preferred stock, $0.01 par value, 600,000 shares authorized, no shares issued as of December 31, 2020 and 2019, respectively00Common stock, $0.01 par value, 230,000 shares authorized, 36,704 and 36,323 shares issued as of December 31, 2020 and 2019, respectively367363Additional paid-in capital1,549,9091,465,697Treasury stock, at cost, 8,703 and 8,568 common shares as of December 31, 2020 and 2019, respectively(2,802,075)(2,699,119)Accumulated other comprehensive loss(4,229)(5,363)Retained earnings3,276,1632,921,448Total shareholders' equity2,020,1351,683,026Total liabilities and shareholders' equity $ 5,982,896 $ 5,104,604

Formulea of Cost of Goods sold Cost of good sold is the cost of the goods which are sold by the…

Answered: need formula for cost of goods sold

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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need formula for cost of goods sold

CURRENT ASSETS
Cash and cash equivalents	$ 607,987	$ 480,626
Accounts receivable, net	104,500	80,545
Inventory	26,445	26,096
Prepaid expenses and other current assets	54,906	57,076
Income tax receivable	282,783	27,705
Investments	343,616	400,156
Total current assets	1,420,237	1,072,204
Leasehold improvements, property and equipment, net	1,584,311	1,458,690
Long term investments	102,328	0
Restricted cash	27,849	27,855
Operating lease assets	2,767,185	2,505,466
Other assets	59,047	18,450
Goodwill	21,939	21,939
Total assets	5,982,896	5,104,604
Current liabilities:
Accounts payable	121,990	115,816
Accrued payroll and benefits	203,054	126,600
Accrued liabilities	164,649	155,843
Unearned revenue	127,750	95,195
Current operating lease liabilities	204,756	173,139
Total current liabilities	822,199	666,593
Commitments and contingencies (Note 12)
Long-term operating lease liabilities	2,952,296	2,678,374
Deferred income tax liabilities	149,422	37,814
Other liabilities	38,844	38,797
Total liabilities	3,962,761	3,421,578
Shareholders' equity:
Preferred stock, $0.01 par value, 600,000 shares authorized, no shares issued as of December 31, 2020 and 2019, respectively	0	0
Common stock, $0.01 par value, 230,000 shares authorized, 36,704 and 36,323 shares issued as of December 31, 2020 and 2019, respectively	367	363
Additional paid-in capital	1,549,909	1,465,697
Treasury stock, at cost, 8,703 and 8,568 common shares as of December 31, 2020 and 2019, respectively	(2,802,075)	(2,699,119)
Accumulated other comprehensive loss	(4,229)	(5,363)
Retained earnings	3,276,163	2,921,448
Total shareholders' equity	2,020,135	1,683,026
Total liabilities and shareholders' equity	$ 5,982,896	$ 5,104,604

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