Accounting for IGCSE & O level - The Fundamentals Of Accounting (Section 9 - No. 3)
The trial balance shows a debit balance of $10,000 for purchases. Inventory at the end of the year amounted to $2,000. What is the cost of goods sold?
$12,000
$8,000
$10,000
Cannot be determined
Explanation
The cost of goods sold is the same as the purchases if the ending inventory is known.
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