During the current year, a firm sells inventory on account for $1,000. The inventory (which was purchased in a prior period) originally cost $700. An additional $50 was spent (in the current year) sending the goods to a customer.  Based solely on these transactions, Calculate the increase to retained earnings?

Answer rating: 100% (QA)

1 Calculate the cost of goods sold COGS COGS Original cos... View the full answer