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The following data were available from Mith Co.'s records on December 31, Year 1: Finished goods inventory, 1/1/Year 1 $120,000 Finished goods inventory, 12/31/Year 1 110,000 Cost of goods manufactured Loss on sale of plant equipment 520,000 50,000 The cost of goods sold for Year 1 was: a. $520,000. b. $530,000. c. $580,000. d. $510,000.

The following data were available from Mith Co.'s records on December 31, Year 1: Finished goods inventory, 1/1/Year 1 $120,000 Finished goods inventory, 12/31/Year 1 110,000 Cost of goods manufactured Loss on sale of plant equipment 520,000 50,000 The cost of goods sold for Year 1 was: a. $520,000. b. $530,000. c. $580,000. d. $510,000.

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 data were available from Mith Co.'s records on December 31, Year 1: Finished goods inventory, 1/1/Year 1 $120,000 Finished goods inventory, 12/31/Year 1 110,000 Cost of goods manufactured Loss on sale of plant equipment 520,000 50,000 The cost of goods sold for Year 1 was: a. $520,000. b. $530,000. c. $580,000. d. $510,000.
Transcribed Image Text:The following data were available from Mith Co.'s records on December 31, Year 1: Finished goods inventory, 1/1/Year 1 $120,000 Finished goods inventory, 12/31/Year 1 110,000 Cost of goods manufactured Loss on sale of plant equipment 520,000 50,000 The cost of goods sold for Year 1 was: a. $520,000. b. $530,000. c. $580,000. d. $510,000.
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