What would a company report as Cost of Goods Sold (COGS) for 2022 if ending inventory...

 

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What would a company report as Cost of Goods Sold (COGS) for 2022 if ending inventory in 2021 was $138,000, purchases were $1,438,000, purchase returns were $122,200, purchase discounts were 2% of all outstanding purchases, and a physical count of inventory showed $117,300 still on the shelves on December 31st? (AC 12) What would a company report as Cost of Goods Sold (COGS) for 2022 if ending inventory in 2021 was $138,000, purchases were $1,438,000, purchase returns were $122,200, purchase discounts were 2% of all outstanding purchases, and a physical count of inventory showed $117,300 still on the shelves on December 31st? (AC 12)

Answer rating: 100% (QA)

To calculate the Cost of Goods Sold COGS for 2022 we need to consider the following information Endi... View the full answer