Question: Homeier Heating reported the following amounts on its comparative balance sheets: The company uses the direct method on its statement of cash flows and reported

Homeier Heating reported the following amounts on its comparative balance sheets:

The company uses the direct method on its statement of cash flows and reported that it spent $44,000 during 2016 to acquire inventory. Determine cost of goods sold expense for 2016.

12/31/16 12/31/15 Current Assets: Inventories Current Liabilities $66,000 $55,000 Accounts payable 33,000 24,000

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