NovaTech Systems reported the following data for the current year: • Cost of Goods Manufactured (COGM) = $1,200,000 • Beginning Finished Goods Inventory = $500,000 Ending Finished Goods Inventory = $460,000 What is the Cost of Goods Sold (COGS) for the year? a. $1,240,000 b. $1,160,000 c. $1,700,000 d. $1,200,000

NovaTech Systems reported the following data for the current year: • Cost of Goods Manufactured (COGM) = $1,200,000 • Beginning Finished Goods Inventory = $500,000 Ending Finished Goods Inventory = $460,000 What is the Cost of Goods Sold (COGS) for the year? a. $1,240,000 b. $1,160,000 c. $1,700,000 d. $1,200,000

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

Chapter5: The Income Statement And The Statement Of Cash Flows

Section: Chapter Questions

Problem 2MC: The following information is available for Cooke Company for the current year: The gross margin is...

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