A company has the following information related to its cost of goods sold and inventory for the
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Question:
A company has the following information related to its cost of goods sold and inventory for the year ended December 31, 2022:
- Cost of goods available for sale: $500,000
- Beginning inventory, January 1, 2022: $50,000
- Ending inventory, December 31, 2022: $60,000
Required: (a) Calculate the cost of goods sold for the year ended December 31, 2022. (5 marks)
(b) Calculate the inventory turnover ratio for the year ended December 31, 2022. (5 marks)
Related Book For
Horngrens Financial and Managerial Accounting
ISBN: 978-0133866292
5th edition
Authors: Tracie L. Nobles, Brenda L. Mattison, Ella Mae Matsumura
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