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Supreme Ice Cream , Inc. , purchased inventory for it ice cream shop in August 2009 for 55,000 in cash to sell in August and
Supreme Ice Cream , Inc. , purchased inventory for it ice cream shop in August 2009 for 55,000 in cash to sell in August and September . The company sold inventory that cost 36,000 in August and the remainder in September. What is the cost of goods sold for August 2009 and September 2009 if Supreme uses GAAP ? What is the cost of goods sold for each month is the company uses cash basis accounting ?
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