Net realizable val = purchases entory - Decembe
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Greece Company provided the following data for the current year:
Inventory - January 1:
Cost
Net realizable value
Net purchases
Inventory – December 31:
Cost
3,000,000
2,800,000
8,000,000
4,000,000
3,700,000
Net realizable value
What amount should be reported as cost of goods sold?
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