Question
Desired ending inventory is 25% more than beginning inventory. If purchases total $160,000, which of the following statements is true regarding cost of goods sold
Desired ending inventory is 25% more than beginning inventory. If purchases total $160,000, which of the following statements is true regarding cost of goods sold (COGS)?
A.COGS will be less than purchases.
B.COGS will equal $55,000.
C.COGS will exceed cost of goods available for sale.
D.COGS will exceed purchases.
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Financial Accounting Fundamentals
Authors: John Wild, Ken Shaw, Barbara Chiappetta
6th edition
1259726916, 978-1259726910
