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Exercise 6-1 (Algo) Calculate cost of goods sold (LO6-2) Bristol Retail Group begins the year with inventory of $50,000 and ends the year with inventory
Exercise 6-1 (Algo) Calculate cost of goods sold (LO6-2)
Bristol Retail Group begins the year with inventory of $50,000 and ends the year with inventory of $40,000. During the year, the company has four purchases for the following amounts.
Purchase on February 17 | $205,000 |
---|---|
Purchase on May 6 | 125,000 |
Purchase on September 8 | 155,000 |
Purchase on December 4 | 405,000 |
Required:
Calculate cost of goods sold for the year.
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