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Using the data below, calculate the cost of goods sold. Line Item Description Value Beginning inventory $1,000 Inventory purchased 3,000 Net income 40,000 Ending inventory
Using the data below, calculate the cost of goods sold.
| Line Item Description | Value |
|---|---|
| Beginning inventory | $1,000 |
| Inventory purchased | 3,000 |
| Net income | 40,000 |
| Ending inventory | 2,000 |
| Sales | 185,000 |
a. $2,000 b. $4,000 c. $145,000 d. $185,000
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Financial Accounting Version 3.1
Authors: Joe Ben Hoyle, C.J. Skender, Leah Kratz
1st Edition
1453339442, 9781453339442
