Question
A company shows the following data in their accounting records for 2014. oInventory 12/31/14 = $2,000,000 oInventory 1/1/14 = $1,800,000 oPurchases = $20,000,000 oPurchase Returns
A company shows the following data in their accounting records for 2014.
oInventory 12/31/14 = $2,000,000
oInventory 1/1/14 = $1,800,000
oPurchases = $20,000,000
oPurchase Returns = $3,000,000
oFreight - In = $40,000
Required:Determine the amount the company recorded for Cost of Goods Sold in 2014.
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Intermediate Accounting
Authors: Donald E. Kieso, Jerry J. Weygandt, and Terry D. Warfield
15th edition
978-1118159644, 9781118562185, 1118159640, 1118147294, 978-1118147290
