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At the beginning of the financial year a business has $1,500 of inventory left over from the preceding accounting period. During the year it
At the beginning of the financial year a business has $1,500 of inventory left over from the preceding accounting period. During the year it purchases additional goods costing $10,000. Cost of goods sold is $ 11,300. How much is the ending inventory? Beginning inventory is $5,000. Purchases amount to $100,000. Ending inventory is $15,000. Sales is 120,000. How much is the gross profit?
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SOLUTION Given information Beginning inventory 1500 Cost of goods sold 11300 Purchase...
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Horngrens Financial and Managerial Accounting
Authors: Tracie L. Nobles, Brenda L. Mattison, Ella Mae Matsumura
5th edition
9780133851281, 013385129x, 9780134077321, 133866297, 133851281, 9780133851298, 134077326, 978-0133866292
