Computation of cost of goods sold using the given data.
Using the following data, compute cost of goods sold.
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Inventory, December 31
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$45,000
|
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Inventory, January 1
|
52,000
|
|
Cash, December 31
|
10,000
|
|
Purchases during the year
|
255,000
|
|
Sales during the year
|
480,000
|