Using the following data, compute the total cash expended for inventory in 2008. Accounts payable: January 1,
Question:
Accounts payable:
January 1, 2008 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $200,000
December 31, 2008. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 450,000
Cost of goods sold—2008 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 900,000
Inventory balance:
January 1, 2008 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $300,000
December 31, 2008. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 200,000
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Cost of goods sold x 2008 900000 Add December 31 2008 inventor...View the full answer
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Related Book For 
Intermediate Accounting
ISBN: 978-0324312140
16th Edition
Authors: James D. Stice, Earl K. Stice, Fred Skousen
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