Question
Inc. uses a periodic inventory system. Beginning inventory is $20,000 and purchases for the year are $80.000. A physical inventory shows that $15,000 of the
Inc. uses a periodic inventory system. Beginning inventory is $20,000 and purchases for the year are $80.000. A physical inventory shows that $15,000 of the inventory remains. How much is recorded as cost of goods sold for the year?
$75,000
$95.000
$85,000
$80,000
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Financial Accounting An International Introduction
Authors: David Alexander, Prof Christopher Nobes, Chris W. Nobes
4th Edition
027372164X, 978-0273721642
