NorthLight Distributors uses a periodic inventory system. For 2024, its beginning inventory was $95,700, purchases of inventory were $550,000, and inventory at the end of the period was $108,400. What was the amount of NorthLight's cost of goods sold (COGS) for 2024?

NorthLight Distributors uses a periodic inventory system. For 2024, its beginning inventory was $95,700, purchases of inventory were $550,000, and inventory at the end of the period was $108,400. What was the amount of NorthLight's cost of goods sold (COGS) for 2024?

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter7: Inventories: Cost Measurement And Flow Assumptions

Section: Chapter Questions

Problem 2MC: The following items were included in Venicio Corporations inventory account on December 31, 2019:...

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NorthLight Distributors uses a periodic inventory system. For 2024, its
beginning inventory was $95,700, purchases of inventory were $550,000, and
inventory at the end of the period was $108,400.
What was the amount of NorthLight's cost of goods sold (COGS) for 2024?

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