The following information is available for Shanahan Company for the current year:

The cash outflow to purchase Inventory through Accounts payable $250,000$

Beginning Balance Ending Balance

Inventory $20,00024,000$

Accounts Payable $30,00027,000$

Accounts payable is used solely for the purchase of inventory.

Required: What was the Cost of Goods Sold $($CGS$)?$

Answer rating: 100% (QA)

Beginning inventory 20000 Ending inventory 24000 Increase in inv... View the full answer