Provide answer general accounting The following amounts relate to the current year for the Ira Company:Beginning inventory $20,000Ending inventory28,000Purchases166,000Purchase returns4,800Freight-out6,000The amount of cost of goods sold for the period is:a. $169,200.b. $162,800.c. $153,200.d. $147,200.

To calculate the cost of goods sold (COGS) for the period, we use the formula: COGS = Beginning…

Answered: The following amounts relate to the…

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter6: Cost Of Goods Sold And Inventory

Section: Chapter Questions

Problem 27CE: Inventory Analysis Singleton Inc. reported the following information for the current year: Required:...

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The following amounts relate to the current year for the Ira Company: Beginning inventory $20,000 Ending inventory 28,000 Purchases 166,000 Purchase returns 4,800 Freight-out 6,000 The amount of cost of goods sold for the period is: a. $169,200. b. $162,800. c. $153,200. d. $147,200.