Tulsa Company, (a merchandising Co.) has the following data pertaining to the year ended December 31, 2019: (CPA adapted) Purchases $ 520,000 Beginning inventory 184,000 Ending inventory 217,000 Freight-in 57,000 Freight-out 78,500 What is the cost of goods sold for the year?

Tulsa Company, (a merchandising Co.) has the following data pertaining to the year ended December 31, 2019: (CPA adapted) Purchases $ 520,000 Beginning inventory 184,000 Ending inventory 217,000 Freight-in 57,000 Freight-out 78,500 What is the cost of goods sold for the year?

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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Concept explainers

Conversion Cycle

Conversion cycle is also known as cash cycle or net operating cycle. Conversion cycle refers to how much time a company takes to turn its investments which is done from stock or any other financial resources into cash flows from sales.

Question

Tulsa Company, (a merchandising Co.) has the following data pertaining to the year ended December 31, 2019: (CPA adapted)


Purchases	$	520,000
Beginning inventory		184,000
Ending inventory		217,000
Freight-in		57,000
Freight-out		78,500

What is the cost of goods sold for the year?

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