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In 2020, Neighbor Co-Op Inc. sells 1,100 beverages in glass bottles and receives a $1.00 deposit for each returnable...

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In 2020, Neighbor Co-Op Inc. sells 1,100 beverages in glass bottles and receives a $1.00 deposit for each returnable bottle sold. As of December 31, 2020, a total of 880 glass bottles were returned and deposits on 130 bottles were forfeited because it is the company's policy that a deposit must be claimed within 30 days. The remaining 88 bottles are still with customers within the 30-day claim period. How much is the cost of goods sold for the bottles that were forfeited in 2020 assuming that the cost of each bottle is $0.80?

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Related Book For  answer-question
Intermediate Accounting

Intermediate Accounting

ISBN: 978-1118147290

15th edition

Authors: Donald E. Kieso, Jerry J. Weygandt, and Terry D. Warfield

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Posted Date: January 18, 2023 04:28:06
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