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    Business
  3. Study Set
    Fundamentals of Financial Accounting
  4. Exam
    Exam 7: Reporting and Interpreting Inventories and Cost of Goods Sold
  5. Question
    Greenies Inc
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Greenies Inc

Question 208

Question 208

Essay

Greenies Inc.updates its inventory periodically.The company's cost of goods sold was $24,700 and purchases were $12,000 during the year.The company's ending inventory count was $3,500.
Required:
Determine the amount of beginning inventory.

Correct Answer:

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Cost of goods sold = Beginning...

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