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Question - The following information is for Pharoah Inc. for the year 2022:
Manufacturing costs $3,014,400
Number of gloves manufactured 314,000 pairs
Beginning inventory 0 pairs
Sales in 2022 were 312,500 pairs of gloves for $20 per pair.
Required - What is the cost of goods sold for 2022?
Identify what type of adjusting entry (prepaid expense, unearned revenue, accrued expense, accrued revenue) is needed in each situation, at December 31, 2010.
A foreign wholesaler offers to buy 4,670 units at $30 each. Bargain Electronics will incur special shipping costs
Journalize the transactions above in a general journal for Schmidt Inc. assuming that they use the periodic system
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