The Cost of Goods Sold for Uzzi Corp

question 163

Essay

The cost of goods sold for Uzzi Corp. totaled $750,000. Sales returns and purchase returns were $3,000 and $5,000, respectively. Purchases totaled $800,000. Purchase discounts totaled $7,000, while sales discounts totaled $9,000. Beginning inventory was $100,000. Determine the amount of ending inventory to be reported on the company's balance sheet.

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Definitions:

Stratified Squamous Epithelial Tissue

A type of tissue composed of multiple layers of squamous cells, designed to protect underlying tissues in areas subject to abrasion.

Collagen and Elastin Fibers

Proteins present in connective tissues, where collagen provides strength and elastin allows for elasticity.

Macrophages

A variant of white blood cell that is specialized in ingesting and decomposing cellular remnants, alien substances, pathogens, and cancerous cells by means of a procedure referred to as phagocytosis.

Arrector Pili

Small muscles attached to hair follicles that, when contracted, cause hair to stand on end - a phenomenon often associated with cold or fright, known as "goosebumps."