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Required information [The following information applies to the questions displayed below.) Ravenna Company is a merchandiserCash and cash equivalents Accounts receivable Inventory Total current assets Property, plant, and equipment Less accumulated6-a. If the company debited cost of goods sold and credited inventory for $620,000 during the year, what is the total amountCash and cash equivalents Accounts receivable Inventory Total current assets Property, plant, and equipment Less accumulated

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Answer #1
6A) inventory account
opening 77,500 COGS 620,000
purchase 627,600
ending bal 85,100
Accounts payable
cash 666,200 opening 88,200
purchases 627,600
end bal 49,600
purchases 627,600
total amount of debits recorded 666,200
Supplier payments
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