Essay
Cooking Corner
Cooking Corner reported inventory on its balance sheet at December 31, 2016 at $32,000. During 2017, Cooking Corner purchased goods totaling $634,000 on account with terms of 2/10, n/30, FOB shipping point. Total charges paid by Cooking Corner directly to the freight company were $1,000. At the end of 2017, inventory on hand totaled to $45,000. Net sales for 2017 totaled $1,300,000. Cooking Corner employs a periodic inventory system.
-Refer to the information for Grappa,Inc.
What amount is cost of goods available for sale for 2018?
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$580,000 (Purchases)+ $18,000 ...View Answer
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