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Missy & Adele Ice Cream, Inc., purchased inventory for its ice cream shop in August 2009 for $55,000 cash to sell in August and September.
Missy & Adele Ice Cream, Inc., purchased inventory for its ice cream shop in August 2009 for $55,000 cash to sell in August and September. The company sold inventory that cost $35,000 in August and the remainder in September. What is the cost of goods sold for August 2009 and the cost of gocds sold for September 2009 if Missy & Adele uses GAAP? What is the cost of gcods sold for each month if Missy & Adele uses cash basis accounting? (For cost of goods sold with a $0 balance, make sure to enter "O" in the appropriate cell.) August 2009 September 2009 Cost of goods sold using the accrual method (GAAP)L Cost of goods sold using the cash basis method
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