company started the year with $10,000 of inventory. Purchases for resale during the year were $20,000. Inventory on December 31 is $5,000. What is the cost of goods sold? $5000 $10000 $25000 $30000 $35000

company started the year with $10,000 of inventory. Purchases for resale during the year were $20,000. Inventory on December 31 is $5,000. What is the cost of goods sold? $5000 $10000 $25000 $30000 $35000

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter5: The Income Statement And The Statement Of Cash Flows

Section: Chapter Questions

Problem 3RE: Shaquille Corporation began the current year with inventory of 50,000. During the year, its...

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a company started the year with $10,000 of inventory. Purchases for resale during the year were $20,000. Inventory on December 31 is $5,000. What is the cost of goods sold?

$5000

$10000

$25000

$30000

$35000

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