The following details relate to NovaMart Ltd for the year ended: • Sales = $620,000 • Purchases $400,000 = Sales Returns $18,000 = . Purchase Returns = $25,000 • Opening Inventory = $45,000 • Closing Inventory = $43,000 Operating Expenses = $210,000 What is the cost of goods sold (COGS)?

The following details relate to NovaMart Ltd for the year ended: • Sales = $620,000 • Purchases $400,000 = Sales Returns $18,000 = . Purchase Returns = $25,000 • Opening Inventory = $45,000 • Closing Inventory = $43,000 Operating Expenses = $210,000 What is the cost of goods sold (COGS)?

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 2MC: The following information is available for Cooke Company for the current year: The gross margin is...

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The following details relate to NovaMart Ltd for the year ended:
•
Sales = $620,000
•
Purchases $400,000
=
Sales Returns $18,000
=
.
Purchase Returns = $25,000
•
Opening Inventory = $45,000
•
Closing Inventory = $43,000
Operating Expenses = $210,000
What is the cost of goods sold (COGS)?

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