Question: Question 11/12 A company started the year with 10,000\. Inventory on... Question 11/12

A compan...

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Question: Question 11/12 A company started the year with $\$ 10,000$ of Inventory. Purchases for resale during the year were $\$ 20,000$. Inventory on... Question 11/12

A company started the year with $\$ 10,000$ of inventory. Purchases for resale during the year were $\$ 20,000$. Inventory on December 31 is $\$ 5,000$. What's the cost of goods sold?
$\$ 5,000$
$\$ 10,000$
$\$ 25,000$
$\$ 30,000$
$\$ 35,000$
Question 12/12
A company sells 10,000 shares of previously authorized stock at the par value of $\$ 10$ per share. What's the correct entry to record the transaction?

Debit cash $\$ 10,000$, credit capital stock $\$ 10,000$
Debit capital stock $\$ 100,000$, credit cash $\$ 100,000$
Debit cash $\$ 100,000$, credit capita 11 stock $\$ 100,000$
Debit cash $\$ 100,000$, credit treasury stock $\$ 100,000$
Debit cash $\$ 10$, credit capital stock $\$ 10$

CramX · Accepted Answer

Step 1: : Calculate the total inventory available at the end of the year.. This is the sum of the starting inventory and purchases made during the year. Total inventory available = Starting inventory + Purchases Step 2: : Calculate the cost of goods sold (COGS) by subtracting the ending inventory from the total inventory available.. COGS = Total inventory available - Ending inventory Final Answer: COGS = $30,000 - $5,00

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QuestionAnatomy and Physiology

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Step 1:
: Calculate the total inventory available at the end of the year.

Step 2:
: Calculate the cost of goods sold (COGS) by subtracting the ending inventory from the total inventory available.

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