The Cost of Goods Sold for Johnnie,Inc

question 213

Essay

The cost of goods sold for Johnnie,Inc.totaled $1,305,000.Sales returns and purchase returns were $3,000 and $4,000,respectively.Purchases totaled $1,300,000.Discounts taken by Johnnie totaled $7,000,while discounts taken by customers totaled $5,000.Beginning inventory was $90,000.Determine the amount of ending inventory to be reported on Johnnie,Inc.'s balance sheet.

---

Definitions:

Self-Fulfilling

Self-fulfilling refers to a prediction or expectation that causes itself to become true due to the behavior that it inspires.

Collective Self-Esteem

Describes the self-evaluation of one's social group or community as a part of an individual's self-worth.

Individual Qualities

Personal attributes or characteristics that distinguish one person from another.

Tendency To Affiliate

The innate or acquired propensity of individuals to seek out, form, or maintain social connections and relationships with others, often heightened during periods of stress or uncertainty.