- Financial Accounting & Bookkeeping
- Purchases, Inventory and Cost of Goods Sold (COGS)
Cost of Goods Sold - Lifo, Fifo, Perpetual Method
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Smith Company had the following information during the past year:
Beginning inventory cost $40,000
Cost of net purchases $400,000
Ending inventory cost $52,000
Smith Company's cost of goods sold for the year was $___________.
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The solution explains how to calculate the cost of goods sold