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Oakland Retail Group begins the year with inventory of $59,000 and ends the year with inventory of $49,00 company has four purchases for the following amounts. Purchase on February 17 Purchase on May 6 Purchase on September 8 Purchase on December 4 $214,000 134,000 164,000 414,000 Required: Calculate cost of goods sold for the year. Beginning inventory 59.000

Oakland Retail Group begins the year with inventory of $59,000 and ends the year with inventory of $49,00 company has four purchases for the following amounts. Purchase on February 17 Purchase on May 6 Purchase on September 8 Purchase on December 4 $214,000 134,000 164,000 414,000 Required: Calculate cost of goods sold for the year. Beginning inventory 59.000

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Oakland Retail Group begins the year with Inventory of $59,000 and ends the year with inventory of $49,000. 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 $214,000 134,000 164,000 414,000 Cost of goods sold $ 59,000
Transcribed Image Text:Oakland Retail Group begins the year with Inventory of $59,000 and ends the year with inventory of $49,000. 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 $214,000 134,000 164,000 414,000 Cost of goods sold $ 59,000
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