Inventory at the beginning of the year cost $12,500. During the year, the company purchased...
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Accounting
Inventory at the beginning of the year cost $12,500. During the year, the company purchased (on account) inventory costing $79,500. Inventory that had cost $75,500 was sold on account for $91,400. At the end of the year, inventory was counted and its cost was determined to be $16,500
Calculate the cost of goods sold.
Calculate the cost of goods sold.
Prepare journal entries to record these transactions, assuming a perpetual inventory system is used.
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