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The following information is available for Lark wood Electronics: Item January 1, 2022 December 31, 2022 $70,000 $105,000 Accounts Payable $85,000 Inventory $120,000 Lark wood reported $180,000 of cash paid to suppliers for inventory purchases in its 2022 cash flow statement. Calculate Lark wood's cost of goods sold (COGS) for 2022.

The following information is available for Lark wood Electronics: Item January 1, 2022 December 31, 2022 $70,000 $105,000 Accounts Payable $85,000 Inventory $120,000 Lark wood reported $180,000 of cash paid to suppliers for inventory purchases in its 2022 cash flow statement. Calculate Lark wood's cost of goods sold (COGS) for 2022.

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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I am looking for help with this general accounting question using proper accounting standards.

The following information is available for Lark wood Electronics: Item January 1, 2022 December 31, 2022 $70,000 $105,000 Accounts Payable $85,000 Inventory $120,000 Lark wood reported $180,000 of cash paid to suppliers for inventory purchases in its 2022 cash flow statement. Calculate Lark wood's cost of goods sold (COGS) for 2022.
Transcribed Image Text:The following information is available for Lark wood Electronics: Item January 1, 2022 December 31, 2022 $70,000 $105,000 Accounts Payable $85,000 Inventory $120,000 Lark wood reported $180,000 of cash paid to suppliers for inventory purchases in its 2022 cash flow statement. Calculate Lark wood's cost of goods sold (COGS) for 2022.
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