Flaherty Company Had Beginning Inventory on May 1 of $12,000

question 201

Essay

Flaherty Company had beginning inventory on May 1 of $12,000. During the month, the company made purchases of $40,000 but returned $2,000 of goods because they were defective. At the end of the month, the inventory on hand was valued at $15,500.
Calculate cost of goods available for sale and cost of goods sold for the month.

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