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aalyn [17]
2 years ago
13

Financial Statements of ABC Corp. indicates that ending inventory levels in 2005 and 2006 were $200,000 and $350,000 respectivel

y. Cost of Goods sold for 2005 and 2006 were $1,900,000 and $2,200,000 respectively. Purchases in 2006 were:
Business
1 answer:
ad-work [718]2 years ago
3 0

Answer:

Cost of goods purchased= $2,350,000

Explanation:

Giving the following information:

Beginning inventory 2006= ending inventory 2005= $200,000

Ending inventory 2006= $350,000

COGS 2006= $2,200,000

<u>To calculate the purchases for 2006, we need to use the following formula:</u>

COGS= beginning finished inventory + cost of goods purchased - ending finished inventory

2,200,000 = 200,000 + cost of goods purchased - 350,000

2,200,000 - 200,000 + 350,000 = cost of goods purchased

cost of goods purchased= $2,350,000

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