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Effect of inventory transactions on the income statement and balance sheet: Periodic system (Appendix) Bill Rose owns Rose Sp

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Answer #1

a) Cost of goods available for sale = Beginning inventory+Purchase = 18000+66000 = 84000

b) Cost of goods sold = Cost of goods available for sale-ending inventory = 84000-28500 = 55500

c) Presentation

Balance sheet

Current assets
Inventory 28500
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