Russell Retail Group begins the year with inventory of $51,000 and ends the year with inventory of $41,000. 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 $206,000 126,000 156,000 406,000 Required: Calculate cost of goods sold for the year. Beginning inventory Cost of goods available for sale Cost of goods sold

Russell Retail Group begins the year with inventory of $51,000 and ends the year with inventory of $41,000. 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 $206,000 126,000 156,000 406,000 Required: Calculate cost of goods sold for the year. Beginning inventory Cost of goods available for sale Cost of goods sold

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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