Question
Use the following information regarding Black Company and Red Company to answer the questionWhich of the following is Red Company'scost of goods soldfor2014(to the closest
Use the following information regarding Black Company and Red Company to answer the questionWhich of the following is Red Company's"cost of goods sold"for2014(to the closest dollar)?Hint:The Ending Inventory of1year is the Beginning Inventory of the next year.
| Year | Inventory Turnover Ratio | Ending Inventory | |
| Black Company | 2012 | $26,340 | |
| 2013 | 10.7 | $29,890 | |
| 2014 | 10.2 | $30,100 | |
| Red Company | 2012 | $25,860 | |
| 2013 | 9.0 | $24,750 | |
| 2014 | 9.5 | $22,530 |
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Managerial Accounting A Focus on Ethical Decision Making
Authors: Steve Jackson, Roby Sawyers, Greg Jenkins
5th edition
324663854, 978-0324663853
