Solution-How do calculate cost of goods sold for the year

How do calculate cost of goods sold for the year

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Reference no: EM132710874

Problem 1: The following information is in alphabetical order. Use it to calculate cost of goods sold for the year. Also explain the steps you took to obtain the correct answer:

Freight-in $ 3,500
Inventory, December 31 61,750
Inventory, January 1 76,000
Purchase Allowances 8,000
Purchase Discounts 9,100
Purchases 111,000
Sales 254,000
Sales Returns 25,500

Reference no: EM132710874

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How do calculate cost of goods sold for the year

Reference no: EM132710874

Reference no: EM132710874

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