1 answer

3) Glen company has the following data pertaining to the year ended December 31. Purchases $450,000...

Question:

3) Glen company has the following data pertaining to the year ended December 31. Purchases $450,000 Beginning inventory 170,0
3) Glen company has the following data pertaining to the year ended December 31. Purchases $450,000 Beginning inventory 170,000 Ending inventory 210,000 Freight-in 50,000 Freight-out 75,000 How much is the cost of goods sold for the year a) $385,000 b) $460,000 c) $485.000 d) 535,000

Answers

Hey,

I have solved this question by using Cost of Goods Sold (COGS) formula, where freight - in included in Cost as it's related directly to Production Cost. Where Freight - Out directly related to Sales and incurred during Sales Process, not at the time of Production.Answer Aus len Company # Cost of Goods Sold (cous) Total Cost of goods sold by a Company. It includes material, Labour and fr

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