Refer back to the Clinton Cycles inventory data in Starter 6-11. The ending inventory balance is stated
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In starter 6-11
Sales revenue .................................. $150,000
Cost of goods sold:
Beginning inventory .......................... 22,000
Net purchases .................................. 80,000
Cost of goods available for sale ............ 102,000
Less: ending inventory ...................... (24,000)
Cost of goods sold ........................... 78,000
Gross margin .................................. $ 72,000
Ending Inventory
The ending inventory is the amount of inventory that a business is required to present on its balance sheet. It can be calculated using the ending inventory formula Ending Inventory Formula =...
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Related Book For
Horngrens Accounting
ISBN: 978-0133855371
10th Canadian edition Volume 1
Authors: Tracie L. Miller Nobles, Brenda L. Mattison, Ella Mae Matsumura, Carol A. Meissner, Jo Ann L. Johnston, Peter R. Norwood
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