Applying the Cost of Goods Sold Model Charest Company has the following data for 2022: Item Units Cost Inventory, 12/31/2021 980 $10,780 Purchases 4,480 49,280 Inventory, 12/31/2022 750 8,250 Required: 1. How many units were sold? 2. Using the cost of goods sold model, determine the cost of goods sold.
Applying the Cost of Goods Sold Model Charest Company has the following data for 2022: Item Units Cost Inventory, 12/31/2021 980 $10,780 Purchases 4,480 49,280 Inventory, 12/31/2022 750 8,250 Required: 1. How many units were sold? 2. Using the cost of goods sold model, determine the cost of goods sold.
Chapter5: Operating Activities: Purchases And Cash Payments
Section: Chapter Questions
Problem 1.6C
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Applying the Cost of Goods Sold Model
Charest Company has the following data for 2022:
Item | Units | Cost | ||
Inventory, 12/31/2021 | 980 | $10,780 | ||
Purchases | 4,480 | 49,280 | ||
Inventory, 12/31/2022 | 750 | 8,250 |
Required:
1. How many units were sold?
2. Using the cost of goods sold model, determine the cost of goods sold.
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