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Compute cost of goods sold section of the income statement

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Reference no: EM131536183

Question: Shown here are annual financial data at December 31, 2011, taken from two different companies.

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Required: 1. Compute the cost of goods sold section of the income statement at December 31, 2011, for each company. Include the proper title and format in the solution.

2. Write a half-page memorandum to your instructor

(a) identifying the inventory accounts and

(b) identifying where each is reported on the income statement and balance sheet for both companies.

Reference no: EM131536183

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