Russell Retail Group begins the year with inventory of $65,000 and ends the year with...
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Accounting
Russell Retail Group begins the year with inventory of $65,000 and ends the year with inventory of $55,000. During the year, the company has four purchases for the following amounts. Purchase on February 17 Purchase on May 6 Purchase on September 8 Purchase on December 4 $220,000 140,000 170,000 420,000 Required: Calculate cost of goods sold for the year. Beginning inventory Add: Purchases Gost of goods available for sale Less: Ending inventory Cost of goods sold
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