Business, 26.03.2020 18:47 zylovesnesha
Inventory at the beginning of the year cost $13,000. During the year, the company purchased (on account) inventory costing $82,000. Inventory that had cost $78,000 was sold on account for $93,400. At the end of the year, inventory was counted and its cost was determined to be $17,000.
What was the dollar amount of Gross Profit?
Write Journal Entries:
A) Record the inventory purchased of $82,000 on account.
B) Record the sales revenue of $93,400 on account.
C) Record the cost of goods sold of $78,000.
Answers: 1
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Inventory at the beginning of the year cost $13,000. During the year, the company purchased (on acco...
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