The year-end trial balance for a company contained the following information: Account Debit Credit Inventory, Beginning $32,500 Sales revenue $385,000 Sales returns 12,500 Purchases 245,000 Purchase discounts 6,500 Purchase returns 18,000 Freight-in In addition, you determine that the year-end inventory balance is $40,500. Required: Calculate the cost of goods sold for the year. Cost of goods sold
The year-end trial balance for a company contained the following information: Account Debit Credit Inventory, Beginning $32,500 Sales revenue $385,000 Sales returns 12,500 Purchases 245,000 Purchase discounts 6,500 Purchase returns 18,000 Freight-in In addition, you determine that the year-end inventory balance is $40,500. Required: Calculate the cost of goods sold for the year. Cost of goods sold
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:The year-end trial balance for a company contained the following information: Account Debit Credit Inventory, Beginning $32,500 Sales revenue $385,000 Sales returns 12,500 Purchases 245,000
Purchase discounts 6,500 Purchase returns 18,000 Freight-in In addition, you determine that the year-end inventory balance is $40,500. Required: Calculate the cost of goods sold for the year. Cost of
goods sold
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