Purchases = Ending inventory + cost of goods sold - beginning inventory
= $700000+1388000-541000
= $1547000
Option D. is correct answer.
Richard Company's financial records report beginning inventory of $541,000, ending inventory of $700,000, and cost of...
Computing Cost of Sales and Ending Inventory Stocken Company has the following financial records for the current period. Units Unit Cost $ 28 Beginning Inventory 100 Purchases: #1 650 24 #2 550 20 #3 200 18 Ending inventory is 350 units. Compute the ending inventory and the cost of goods sold for the current period using (a) first-in, first out, (b) average cost, and (c) last-in, first out. (a) First-in, first-out Ending inventory Cost of goods sold (b) Average cost...
Computing Cost of Sales and Ending Inventory Stocken Company has the following financial records for the current period. Units Unit Cost Beginning Inventory 100 $ 26 Purchases: #1 650 22 #2 550 18 #3 200 16 Ending inventory is 350 units. Compute the ending inventory and the cost of goods sold for the current period using (a) first-in, first out, (b) average cost, and (c) last-in, first out. (a) First-in, first-out Ending inventory Answer Cost of goods sold Answer (b)...
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