Patience is trying to work out her cost of sales for the year ended 31 December 20X9. She has the following details for supplier and inventory balances: At 1 January 20X9 At 31 December 20X9 Suppliers Inventory $15,264 $6,359 $16,812 $4,919 In the year to 31 December 20X9, Patience's payments to suppliers totalled $141,324. What was Patience's cost of sales for the year to 31 December 20X9?

Patience is trying to work out her cost of sales for the year ended 31 December 20X9. She has the following details for supplier and inventory balances: At 1 January 20X9 At 31 December 20X9 Suppliers Inventory $15,264 $6,359 $16,812 $4,919 In the year to 31 December 20X9, Patience's payments to suppliers totalled $141,324. What was Patience's cost of sales for the year to 31 December 20X9?

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Description: Patience is trying to work out her cost of sales for the year ended 31 December 20X9.She has the following details for supplier and inventory balances:At 1 January 20X9At 31 December 20X9SuppliersInventory$15,264$6,359$16,812$4,919In the year to 31

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter10: Inventory

Section: Chapter Questions

Problem 3PA: Trini Company had the following transactions for the month. Calculate the cost of goods sold dollar...

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Concept explainers

Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.

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Question

Patience is trying to work out her cost of sales for the year ended 31 December 20X9.
She has the following details for supplier and inventory balances:
At 1 January 20X9
At 31 December 20X9
Suppliers
Inventory
$15,264
$6,359
$16,812
$4,919
In the year to 31 December 20X9, Patience's payments to suppliers totalled $141,324.
What was Patience's cost of sales for the year to 31 December 20X9?

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