Assume the same information as in BE5 8 and also that Logan Company has beginning inventory of $60,000, ending inventory of $90,000, and net sales of $612,000 Determine the amounts to be reported for cost of goods sold and gross profit ...

Net sales 612000 Beginning inventory 60000 Add Cos ...

Assume the same information as in BE5-8 and also that Logan Company has beginning inventory of $60,000,

Question:

Assume the same information as in BE5-8 and also that Logan Company has beginning inventory of $60,000, of $90,000, and net sales of $612,000. Determine the amounts to be reported for cost of goods sold and gross profit.

Ending Inventory
The ending inventory is the amount of inventory that a business is required to present on its balance sheet. It can be calculated using the ending inventory formula Ending Inventory Formula =...