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A company begins the year with inventory of $50,000 and ends the year with inventory of $55,000 During the year the following amounts are recorded

 

147. A company begins the year with inventory of $50,000 and ends the year with inventory of $55,000. During the year, the following amounts are recorded:

 

Purchases

$210,000

Purchase returns

    25,000

Purchase discounts

    15,000

Freight-in

    40,000

 

Calculate cost of goods sold for the year.

 

 

148. When inventory costs are rising, __________ generally results in a higher amount of reported net income.

 

 

149. When inventory costs are declining, __________ generally results in a lower amount of reported cost of goods sold.

Jan 27 2020 View more View Less

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