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Exercise 4-20A (Algo) Effect of inventory transactions on the income statement and balance sheet: Periodic system (Appendix) LO 4.9 Bill Rose owns Rose Sporting Goods
Exercise 4-20A (Algo) Effect of inventory transactions on the income statement and balance sheet: Periodic system (Appendix) LO 4.9 Bill Rose owns Rose Sporting Goods At the beginning of the year, Rose Sporting Goods had $2,700 in Inventory. During the year. Rose Sporting Goods purchased inventory that cost $13,300. At the end of the year, inventory on hand amounted to $3,900 Required a. Calculate the cost of goods available for sale during the year Goods available for sale b. Calculate the cost of goods sold for the year Cool c. Calculate the amount of inventory Rose Sporting Goods would report on its yearend balance sheet
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