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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Accounting Information Systems
Authors: Pat Wheeler, Ulric J Gelinas, Richard B Dull
9th Edition
0538469315, 9780538469319
