Effect of inventory transactions on the income statement and balance sheet: periodic system (Appendix)
Joe Dodd owns Joe’s Sporting Goods. At the beginning of the year, Joe’s had $8,400 in inventory. During the year, Joe’s purchased inventory that cost $42,000. At the end of the year, inventory on hand amounted to $17,600.
Required
Calculate the following:
a.Cost of goods available for sale during the year.
b. Cost of goods sold for the year.
c. Amount of inventory Joe’s would report on the year-end balance sheet.
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