What is cost of goods sold given the five transactions below? (Beginning balance inventory =...
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What is cost of goods sold given the five transactions below? (Beginning balance inventory = $5,000). . . Your Company purchased $60,000 of inventory on account, terms 2/10,n30. Your Company purchased inventory under FOB destination. Shipping cost $500. Your Company returned $10,000 of the inventory before paying its bill. Your Company paid the amount owed in the first transaction on day 8. Your company sold all of its inventory for $65,000 on account, terms 2/10,n30. $54,500 $49,500 O $54,000 $55,000 O $54,300
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