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    janemorales's Avatar
    janemorales Posts: 26, Reputation: 1
    New Member
    		  
    #1

    May 28, 2008, 09:16 PM
    Compute Cost of Goods Sold
    Inventory, Dec. 31 45,000
    Inventory, Jan. 1 52,000
    cash, Dec. 31 10,000
    purchases during the yr 255,000
    sales during the year 480,000

    Compute CGS

    CGS = Beg. Inv. + purchases - ending inv.

    CGS = 52,000 + 255,000 - 45,000
    CGS = 262,000

    Did I compute CGS correctly?
    morgaine300's Avatar
    morgaine300 Posts: 6,561, Reputation: 276
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    #2

    May 29, 2008, 01:03 AM
    Correct.
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