Solution-At what amount was Cost of Goods Sold reported

At what amount was Cost of Goods Sold reported

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Reference no: EM132879892

Problem - Ranns Supply uses a perpetual inventory system. On January 1, its inventory account had a beginning balance of $6,400,000. Ranns engaged in the following transactions during the year.

1. Purchased merchandise inventory for $9,600,000.

2. Generated net sales of $26,000,000.

3. Recorded inventory shrinkage of $10,000 after taking a physical inventory at year-end.

4. Reported gross profit for the year of $17,000,000 in its income statement.

Required - At what amount was Cost of Goods Sold reported in the company's year- end income statement?

Reference no: EM132879892

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At what amount was Cost of Goods Sold reported

Reference no: EM132879892

Reference no: EM132879892

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