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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.

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.

FINANCIAL ACCOUNTING
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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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.
Transcribed Image Text: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.
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