Homework Answers
Answer:
Cost of goods sold = Opening Stock + Cost of Purchase - Closing Stock
; that is..
Cost of goods sold + Closing Stock - Cost of Purchase = Opening Stock
4800 + 13900 - 9800 = 8900
So beginning inventory is 8900
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1.
For Cutler Company, beginning inventory is $15,000, cost of
goods purchased is $90,000, and ending inventory is $20,000. What
is cost of goods sold?
2.
Jordan Corporation sold goods to Howard Company for $5,000,
terms 2/10, n/30, on September 10. On September 13, Howard returned
goods costing $400. On September 18, Jordan received payment from
Howard. On September 18, Jordan should debit Cash for
For Cutler Company, beginning inventory is $15,000, cost of goods purchased is $90,000, and ending...
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1. Complete the table to determine the cost
assigned to ending inventory and cost of goods sold using specific
identification.
2. Determine the cost assigned to ending inventory
and to cost of goods sold using weighted average.
3. Determine the cost assigned to ending inventory
and to cost of goods sold using FIFO.
4. Determine the cost assigned to ending inventory
and to cost of goods sold using LIFO.
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