Consider the following information: ending inventory, $24,000; sales, $250,000; beginning inventory, $20,000; selling and administrative expenses,...

 

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Consider the following information: ending inventory, $24,000; sales, $250,000; beginning inventory, $20,000; selling and administrative expenses, $70,000; purchases, $90,000. What is the cost of goods sold? Consider the following information: ending inventory, $24,000; sales, $250,000; beginning inventory, $20,000; selling and administrative expenses, $70,000; purchases, $90,000. What is the cost of goods sold?

Answer rating: 100% (QA)

To calculate the cost of goods sold COGS we can use the following formula CO... View the full answer