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Required: a. Show the cost of goods sold equation using these numbers. b. What was the dollar amount of Gross Profit?

Required: a. Show the cost of goods sold equation using these numbers. b. What was the dollar amount of Gross Profit?

Survey of Accounting (Accounting I)
Survey of Accounting (Accounting I)
8th Edition
ISBN:9781305961883
Author:Carl Warren
Publisher:Carl Warren
Chapter6: Receivables And Inventories
Section: Chapter Questions
Problem 6.4.4P: Inventory by three cost flow methods Details regarding the inventory of appliances on January 1,...
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2 Required information [The following information applies to the questions displayed below.] Inventory at the beginning of the year cost $14,200. During the year, the company purchased (on account) inventory costing $88,000. Inventory that had cost $84,000 was sold on account for $98,200. At the end of the year, inventory was counted and its cost was determined to be $18,200. Required: a. Show the cost of goods sold equation using these numbers. b. What was the dollar amount of Gross Profit? Complete this question by entering your answers in the tabs below. Required A Required B Show the cost of goods sold equation using these numbers.
Transcribed Image Text:2 Required information [The following information applies to the questions displayed below.] Inventory at the beginning of the year cost $14,200. During the year, the company purchased (on account) inventory costing $88,000. Inventory that had cost $84,000 was sold on account for $98,200. At the end of the year, inventory was counted and its cost was determined to be $18,200. Required: a. Show the cost of goods sold equation using these numbers. b. What was the dollar amount of Gross Profit? Complete this question by entering your answers in the tabs below. Required A Required B Show the cost of goods sold equation using these numbers.
2 Required information [The following information applies to the questions displayed below.) Inventory at the beginning of the year cost $14,200. During the year, the company purchased (on account) inventory costing $88,000. Inventory that had cost $84,000 was sold on account for $98,200. At the end of the year, inventory was counted and its cost was determined to be $18,200. Required: a. Show the cost of goods sold equation using these numbers. b. What was the dollar amount of Gross Profit? Complete this question by entering your answers in the tabs below. Required A Required B What was the dollar amount of Gross Profit? Gross Profit < Required A
Transcribed Image Text:2 Required information [The following information applies to the questions displayed below.) Inventory at the beginning of the year cost $14,200. During the year, the company purchased (on account) inventory costing $88,000. Inventory that had cost $84,000 was sold on account for $98,200. At the end of the year, inventory was counted and its cost was determined to be $18,200. Required: a. Show the cost of goods sold equation using these numbers. b. What was the dollar amount of Gross Profit? Complete this question by entering your answers in the tabs below. Required A Required B What was the dollar amount of Gross Profit? Gross Profit < Required A
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