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At the end of Year 1, Voss Company had $6,000 of inventory. During Year 2 the following events occurred: (1) Voss Company purchased $30,000 of
At the end of Year 1, Voss Company had $6,000 of inventory. During Year 2 the following events occurred: (1) Voss Company purchased $30,000 of inventory with cash. (2) Sold $20,000 of inventory for $28,000 cash to customers. (3) At the end of the year, during a physical count of the inventory, it found only $16,000 of inventory on hand. What would Voss Company report for cost of goods sold on the Year 2 income statement? I was thinking 20000 but feel like my calculations are somewhat flawed.Appreciate the help!
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