Pitchfork Company follows the cash basis of accounting but converts to the accrual basis at year-end. Use the following information to determine what Pitchfork should report for COGS on an accrual basis for the year ended December 31, 2018. December 2018 31, December 31, 2017 Inventory $290,000 $270,000 Accounts Payable for 50,000 75,000 Inventory Accrued Expenses 5,000 15,000 Pitchfork paid suppliers $490,000 during 2018. a. $435,000 b. $445,000 c. $495,000 d. $545,000

Pitchfork Company follows the cash basis of accounting but converts to the accrual basis at year-end. Use the following information to determine what Pitchfork should report for COGS on an accrual basis for the year ended December 31, 2018. December 2018 31, December 31, 2017 Inventory $290,000 $270,000 Accounts Payable for 50,000 75,000 Inventory Accrued Expenses 5,000 15,000 Pitchfork paid suppliers $490,000 during 2018. a. $435,000 b. $445,000 c. $495,000 d. $545,000

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

Chapter16: Retained Earnings And Earnings Per Share

Section: Chapter Questions

Problem 3MC: Prince Corporations accounts provided the following information at December 31, 2019: What should be...

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