Inventory at the beginning of the year cost $14,900. During the year, - 10257

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yousafbhutta

yousafbhutta

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Inventory at the beginning of the year cost $14,900. During the year, the company purchased (on account) inventory costing $62,000. Inventory that had cost $51,000 was sold on account for $85,000. At the end of the year, inventory was counted and its cost was determined to be $25,900.

 

 

 

(a)

Calculate the cost of goods sold. (Omit the "$" sign in your response.)

(b)

What was the gross profit? (Omit the "$" sign in your response.)

(c)

Prepare journal entries to record these transactions, assuming a perpetual inventory system is used. (Record the journal entries in the order given in question. Omit the "$" sign in your response.) 

 

 

 

Solution Description

 

Please give me your A+++ rating in it and you will get t

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Question no.9.docx
Question no.9.d...