The following informaiton comes from the records of Tellys Supply: Beginning inventory...$32,000 Inventory purchases.85,000 Transportation-in.4,300 An inventory
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The following informaiton comes from the records of Telly’s Supply:
Beginning inventory…………...$32,000
Inventory purchases.……………85,000
Transportation-in……………….…4,300
An inventory count taken at year-end indicates that inventory with a cost of $50,000 is on hand as of December 31, 2011.
Assume that inventory purchases and transportation-in are both reflected in the inventory account, which shown an ending balance of $52,000. Compute cost of goods sold along with any adjusting entires requried at the end fo the period.
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