The following information pertains to Deal Corp.'s 2004 cost of goods sold: Inventory, 12/31/03 $90,000 2004 purchases
Fantastic news! We've Found the answer you've been seeking!
Question:
The following information pertains to Deal Corp.'s 2004 cost of goods sold:
Inventory, 12/31/03 $90,000
2004 purchases 124,000
2004 write-off of obsolete inventory 34,000
Inventory, 12/31/04 30,000
The inventory written off became obsolete due to an unexpected and unusual technological advance by a competitor. In its 2004 income statement, what amount should Deal report as cost of goods sold?
Related Book For
Federal Taxation 2021 Corporations, Partnerships, Estates & Trusts
ISBN: 9780135919460
34th Edition
Authors: Timothy J. Rupert, Kenneth E. Anderson, David S. Hulse
Posted Date: