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The following data were available from Luna Corp.'s records on December 31, Year 1: Finished goods inventory, 1/1/Year 1 $150,000 Finished goods inventory, 12/31/Year 1 $135,000 Cost of goods manufactured $520,000 Loss on sale of plant equipment $45,000 The cost of goods sold for Year 1 was: a. $510,000 b. $535,000 c. $550,000 d. $500,000

The following data were available from Luna Corp.'s records on December 31, Year 1: Finished goods inventory, 1/1/Year 1 $150,000 Finished goods inventory, 12/31/Year 1 $135,000 Cost of goods manufactured $520,000 Loss on sale of plant equipment $45,000 The cost of goods sold for Year 1 was: a. $510,000 b. $535,000 c. $550,000 d. $500,000

Financial And Managerial Accounting
Financial And Managerial Accounting
15th Edition
ISBN:9781337902663
Author:WARREN, Carl S.
Publisher:WARREN, Carl S.
Chapter5: Accounting For Retail Businesses
Section: Chapter Questions
Problem 41E: Cost of goods sold and related items The following data were extracted from the accounting records...
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The following data were available from Luna Corp.'s records on December 31, Year 1: Finished goods inventory, 1/1/Year 1 $150,000 Finished goods inventory, 12/31/Year 1 $135,000 Cost of goods manufactured $520,000 Loss on sale of plant equipment $45,000 The cost of goods sold for Year 1 was: a. $510,000 b. $535,000 c. $550,000 d. $500,000
Transcribed Image Text:The following data were available from Luna Corp.'s records on December 31, Year 1: Finished goods inventory, 1/1/Year 1 $150,000 Finished goods inventory, 12/31/Year 1 $135,000 Cost of goods manufactured $520,000 Loss on sale of plant equipment $45,000 The cost of goods sold for Year 1 was: a. $510,000 b. $535,000 c. $550,000 d. $500,000
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