Question
The following information is available for Naab Company for 2020: Freight-in $ 60,000 Purchase returns 150,000 Selling expenses 460,000 Ending inventory 520,000 The cost of
The following information is available for Naab Company for 2020:
Freight-in $ 60,000
Purchase returns 150,000
Selling expenses 460,000
Ending inventory 520,000
The cost of goods sold is equal to 400% of selling expenses.
A) What is the cost of goods available for sale?
B) Is Freight-In used in the calculation for COGS available for sale? Why or why not?
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Accounting A Smart Approach
Authors: Mary Carey, Jane Towers-Clark, Cathy Knowles
2nd Edition
0199674914, 978-0199674916
