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Determine the cost of good sold will be

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Reference no: EM132641846

Problem 1: The accounting cycle begins with:

A. Formation of a business
B. Posting of journal entries to ledger accounts
C. Initial recording of business transactions
D. Preparation of a trial balance.

Problem 2: Harris Corporation's inventory of a particular product includes 200 units purchased at a per-unit cost of $50, and another 100 units purchased at a unit cost of $60. If Harris sells 10 units of this product, the cost of goods sold will be:

A. $550
B. $500
C. $660
D. The answer will depend upon the inventory cost flow assumption in use.

Reference no: EM132641846

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