The following amounts relate to the current year for Sterling Corporation: . Beginning inventory: $25,000 • Ending inventory: $30,000 • Purchases: $190,000 Purchase returns: $6,200 ⚫ Freight-out: $7,500 Required: Compute the cost of goods sold (COGS) for the period.

The following amounts relate to the current year for Sterling Corporation: . Beginning inventory: $25,000 • Ending inventory: $30,000 • Purchases: $190,000 Purchase returns: $6,200 ⚫ Freight-out: $7,500 Required: Compute the cost of goods sold (COGS) for the period.

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

Chapter5: The Income Statement And The Statement Of Cash Flows

Section: Chapter Questions

Problem 3RE: Shaquille Corporation began the current year with inventory of 50,000. During the year, its...

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Question

Calculate the cost of goods sold for the period

The following amounts relate to the current year for Sterling Corporation:
. Beginning inventory: $25,000
•
Ending inventory: $30,000
•
Purchases: $190,000
Purchase returns: $6,200
⚫ Freight-out: $7,500
Required:
Compute the cost of goods sold (COGS) for the period.

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