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Determine cost of goods sold expense

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Reference no: EM132868910

Problem - Working Backward: Cash Payments-Direct Method - Homeier Heating reported the following amounts on its comparative balance sheets:

 

12/31/16

12/31/15

Current Assets: Inventories

$66,000

$55,000

Current Liabilities: Accounts payable

33,000

24,000

The company uses the direct method on its statement of cash flows and reported that it spent $44,000 during 2016 to acquire inventory. Determine cost of goods sold expense for 2016.

Reference no: EM132868910

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