A Company Has $4,500 in Net Sales, $3,200 in Gross

question 127

Short Answer

A company has $4,500 in net sales, $3,200 in gross profit, $1,300 in ending inventory, and $1,800 in beginning inventory. What is the company's cost of goods sold?

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Definitions:

Expired Rent

Expired rent refers to the portion of prepaid rent that has been used up or accounted for as an expense over a period.

Work Sheet

An informal document used by accountants to prepare adjusting entries and a trial balance in the process of preparing financial statements.

Unadjusted Trial Balance

A list of all the balances in a company’s accounts before any adjusting entries are made for reporting purposes.