What is the cost of goods sold?5,387,500 5,375,000 5,344,300 5,331,900 SHIN Industries uses the average cost approach toaccount for its inventory. For the current year, thefollowing information is available:Goods available for sale at cost7,500,00012,000,00097,0008,500,00020,00045,00075,000Goods available for sale at retailNet markupsSalesSales discountEmployee discountNormal Shortage

Cost of goods sold refers to the expenses involved while the goods or services provided by the…

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s the cost of goods sold? 5,387,500

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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Question

What is the cost of goods sold?

5,387,500

5,375,000

5,344,300

5,331,900

SHIN Industries uses the average cost approach to
account for its inventory. For the current year, the
following information is available:
Goods available for sale at cost
7,500,000
12,000,000
97,000
8,500,000
20,000
45,000
75,000
Goods available for sale at retail
Net markups
Sales
Sales discount
Employee discount
Normal Shortage

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