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Oakland Retail Group begins the year with inventory of $52,000 and ends the year with inventory of $42,000. During the year, the company has four purchases for the following amounts. Purchase on February 17 Purchase on May 6. Purchase on September 8 Purchase on December 4 Required: Calculate cost of goods sold for the year. Beginning inventory Cost of goods available for sale Cost of goods sold $207,000 127,000 157,000 407,000 $ 52,000

Oakland Retail Group begins the year with inventory of $52,000 and ends the year with inventory of $42,000. During the year, the company has four purchases for the following amounts. Purchase on February 17 Purchase on May 6. Purchase on September 8 Purchase on December 4 Required: Calculate cost of goods sold for the year. Beginning inventory Cost of goods available for sale Cost of goods sold $207,000 127,000 157,000 407,000 $ 52,000

FINANCIAL ACCOUNTING
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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Exercise 6-1 (Algo) Calculate cost of goods sold (LO6-2) Oakland Retail Group begins the year with inventory of $52,000 and ends the year with inventory of $42,000. During the year, the company has four purchases for the following amounts. Purchase on February 17 Purchase on May 6 Purchase on September 8 Purchase on December 4 Required: Calculate cost of goods sold for the year. Beginning inventory A Cost of goods available for sale Cost of goods sold $207,000 127,000 157,000 407,000 $ 52,000
Transcribed Image Text:Exercise 6-1 (Algo) Calculate cost of goods sold (LO6-2) Oakland Retail Group begins the year with inventory of $52,000 and ends the year with inventory of $42,000. During the year, the company has four purchases for the following amounts. Purchase on February 17 Purchase on May 6 Purchase on September 8 Purchase on December 4 Required: Calculate cost of goods sold for the year. Beginning inventory A Cost of goods available for sale Cost of goods sold $207,000 127,000 157,000 407,000 $ 52,000
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