Question
Kitty Hawk Kites trial balance reports an unadjusted Inventory balance of $1,050 and Cost of Goods Sold of $33,400. A physical count of the inventory
Kitty Hawk Kites trial balance reports an unadjusted Inventory balance of $1,050 and Cost of Goods Sold of $33,400. A physical count of the inventory indicates that the inventory on hand is $1,000. After the appropriate adjusting journal entry is made, the balance in Cost of Goods Sold will be:
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How To Avoid IRS Audits
Authors: Victor S. Sy, CPA, MBA, Allana Santos, Roger Oriel, Louie Gajardo, Malou Aguilar Bledsoe, RJ Oriel, Mark Xavier Bautista, Kenno Samulde, Morton D Rosenthal Esq.
1st Edition
1530746477, 978-1530746477
