"X" Corporation began the accounting period with $50,000 of merchandise, and the net cost of purchases was $180,000. A physical inventory showed $40,000 of merchandise unsold at the end of the period. What is the cost of goods sold by X Corporation for the period?

"X" Corporation began the accounting period with $50,000 of merchandise, and the net cost of purchases was $180,000. A physical inventory showed $40,000 of merchandise unsold at the end of the period. What is the cost of goods sold by X Corporation for the period?

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter5: The Income Statement And The Statement Of Cash Flows

Section: Chapter Questions

Problem 2MC: The following information is available for Cooke Company for the current year: The gross margin is...

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Question

Cost of good sold. find out please

"X" Corporation began the accounting period
with $50,000 of merchandise, and the net cost
of purchases was $180,000. A physical
inventory showed $40,000 of merchandise
unsold at the end of the period. What is the cost
of goods sold by X Corporation for the period?

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