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Problem 5.9: Saran Industries has the following information on operating activities for 2018. The company sold educational board games and sold 15,000 units in 2018: Purchases $185,000 Selling and administrative expenses $105,000 Merchandise inventory 01/01/18 $22,000 Merchandise inventory 12/31/18 $17,000 Sales revenue $310,000 What is the amount of cost of goods sold?

Problem 5.9: Saran Industries has the following information on operating activities for 2018. The company sold educational board games and sold 15,000 units in 2018: Purchases $185,000 Selling and administrative expenses $105,000 Merchandise inventory 01/01/18 $22,000 Merchandise inventory 12/31/18 $17,000 Sales revenue $310,000 What is the amount of cost of goods sold?

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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What is the amount of cost of goods sold?

Problem 5.9: Saran Industries has the following information on operating activities for 2018. The company sold educational board games and sold 15,000 units in 2018: Purchases $185,000 Selling and administrative expenses $105,000 Merchandise inventory 01/01/18 $22,000 Merchandise inventory 12/31/18 $17,000 Sales revenue $310,000 What is the amount of cost of goods sold?
Transcribed Image Text:Problem 5.9: Saran Industries has the following information on operating activities for 2018. The company sold educational board games and sold 15,000 units in 2018: Purchases $185,000 Selling and administrative expenses $105,000 Merchandise inventory 01/01/18 $22,000 Merchandise inventory 12/31/18 $17,000 Sales revenue $310,000 What is the amount of cost of goods sold?
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