Firm X purchased $31,000 worth of inventory when they opened for business, adding to the $22,000 included in the acquisition. At the end of the first quarter, inventory was valued at $22,000. What was cost of goods sold (COGS) for the quarter? S Answer
Firm X purchased $31,000 worth of inventory when they opened for business, adding to the $22,000 included in the acquisition. At the end of the first quarter, inventory was valued at $22,000. What was cost of goods sold (COGS) for the quarter? S Answer
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter7: Inventories: Cost Measurement And Flow Assumptions
Section: Chapter Questions
Problem 3RE: Reid Company uses the periodic inventory system. On January 1, it had an inventory balance of...
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Question
![Firm X purchased $31,000 worth of inventory when they opened for business, adding to the $22,000 included in the acquisition. At the end of the first quarter, inventory was valued
at $22,000. What was cost of goods sold (COGS) for the quarter?
$
Answer
0](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F49c1fa66-cbbb-4078-8bf0-4ae16675f15d%2Ff4c343a1-51da-4b34-a77b-1d8c54887cce%2Fxn5gty3_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Firm X purchased $31,000 worth of inventory when they opened for business, adding to the $22,000 included in the acquisition. At the end of the first quarter, inventory was valued
at $22,000. What was cost of goods sold (COGS) for the quarter?
$
Answer
0
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