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Use the following information to calculate Goods Available for Sale (GAFS) and Cost of Goods Sold (COGS). You will not need all of the information: Purchases $10O Purchase discounts $2 Beginning Inventory $10 Purchase returns $3 Sales Discounts $8 Accounts Receivable $25 Purchase Freight (on purchases, buyer responsible) $15 Delivery Expense (on sales to customers, seller responsible) $10 Sales $200 Accounts Payable $35 GAFS is $ Now..Assume ending inventory is $50. Use all the information provided to determine Cost of goods sold (COGS) COGS is $

Use the following information to calculate Goods Available for Sale (GAFS) and Cost of Goods Sold (COGS). You will not need all of the information: Purchases $10O Purchase discounts $2 Beginning Inventory $10 Purchase returns $3 Sales Discounts $8 Accounts Receivable $25 Purchase Freight (on purchases, buyer responsible) $15 Delivery Expense (on sales to customers, seller responsible) $10 Sales $200 Accounts Payable $35 GAFS is $ Now..Assume ending inventory is $50. Use all the information provided to determine Cost of goods sold (COGS) COGS is $

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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Use the following information to calculate Goods Available for Sale (GAFS) and Cost of Goods Sold (COGS). You will not need all of the information: - Purchases $100 - Purchase discounts $2 - Beginning Inventory $10 - Purchase returns $3 - Sales Discounts $8 - Accounts Receivable $25 - Purchase Freight (on purchases, buyer responsible) $15 - Delivery Expense (on sales to customers, seller responsible) $10 - Sales $200 Accounts Payable $35 **GAFS is $______** Now... Assume **ending inventory is $50.** Use all the information provided to determine Cost of Goods Sold (COGS). **COGS is $______**
Transcribed Image Text:Use the following information to calculate Goods Available for Sale (GAFS) and Cost of Goods Sold (COGS). You will not need all of the information: - Purchases $100 - Purchase discounts $2 - Beginning Inventory $10 - Purchase returns $3 - Sales Discounts $8 - Accounts Receivable $25 - Purchase Freight (on purchases, buyer responsible) $15 - Delivery Expense (on sales to customers, seller responsible) $10 - Sales $200 Accounts Payable $35 **GAFS is $______** Now... Assume **ending inventory is $50.** Use all the information provided to determine Cost of Goods Sold (COGS). **COGS is $______**
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