The beginning inventory plus cost of goods sold equals the cost of goods available for sale during the period.
Answer the following statement true (T) or false (F)
False
Beginning inventory + Purchases ? Purchase returns and allowances ? Purchase discounts + Transportation-in = Cost of goods available for sale
Cost of goods available for sale ? Ending inventory = Cost of goods sold
Thus:
Cost of goods available for sale = Ending merchandise inventory + cost of goods sold
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