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The following information is available for Foster Supplies: January 1, 2023 December 31, 2023 $78,000 $74,000 Accounts Payable $65,000 Inventory $82,000 Foster Supplies reported $180,000 of cash paid to suppliers during 2023 in its cash flow statement. Calculate Foster's cost of goods sold (COGS) for 2023.

The following information is available for Foster Supplies: January 1, 2023 December 31, 2023 $78,000 $74,000 Accounts Payable $65,000 Inventory $82,000 Foster Supplies reported $180,000 of cash paid to suppliers during 2023 in its cash flow statement. Calculate Foster's cost of goods sold (COGS) for 2023.

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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Please explain the solution to this general accounting problem with accurate principles.

The following information is available for Foster Supplies: January 1, 2023 December 31, 2023 $78,000 $74,000 Accounts Payable $65,000 Inventory $82,000 Foster Supplies reported $180,000 of cash paid to suppliers during 2023 in its cash flow statement. Calculate Foster's cost of goods sold (COGS) for 2023.
Transcribed Image Text:The following information is available for Foster Supplies: January 1, 2023 December 31, 2023 $78,000 $74,000 Accounts Payable $65,000 Inventory $82,000 Foster Supplies reported $180,000 of cash paid to suppliers during 2023 in its cash flow statement. Calculate Foster's cost of goods sold (COGS) for 2023.
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