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What is amount of the department store cost of goods sold

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Reference no: EM132971485

1. A department stores purchases inventory for $30,000 in 2019. They sell the inventory to their customers in 2020 for $55,000. The department store uses accrual-basis accounting. Based on the preceding information

Problem a. What is the amount of the department store's cost of goods sold in 2019?

Problem b. What is the amount of the department store's cost of goods sold in 2020?

Reference no: EM132971485

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