Effect of inventory transactions on the income statement and balance sheet: Periodic system (Appendix)
Don Moon is the owner of ABC Cleaning. At the beginning of the year, Moon had $2,400 in inventory. During the year, Moon purchased inventory that cost $13,000. At the end of the year, inventory on hand amounted to $3,600.
Required
Calculate the following:
a. Cost of goods available for sale during the year.
b. Cost of goods sold for the year.
c. Inventory amount ABC Cleaning would report on its year-end balance sheet.
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