December 31 of the current year, the trial balance for a company reports the following amounts:
$$\begin{array} { | l | r | }
\hline \text { Cost of goods available for sale } & \$ 1,074,450 \
\hline \text { Ending inventory (First-in, First-out) } & 85,430 \
\hline \text { Replacement cost of ending inventory } & 91,730 \
\hline
\end{array}$$ What amount must be reported for cost of goods sold on the income statement?

Question

December 31 of the current year, the trial balance for a company reports the following amounts:
$$\begin{array} { | l | r | } 
\hline \text { Cost of goods available for sale } & \$ 1,074,450 \
\hline \text { Ending inventory (First-in, First-out) } & 85,430 \
\hline \text { Replacement cost of ending inventory } & 91,730 \
\hline
\end{array}$$ What amount must be reported for cost of goods sold on the income statement?

Quizplus · Accepted Answer

The Answer of December 31 of the current year, the trial balance for a company reports the following amounts:
$$\begin{array} { | l | r | } 
\hline \text { Cost of goods available for sale } & \$ 1,074,450 \
\hline \text { Ending inventory (First-in, First-out) } & 85,430 \
\hline \text { Replacement cost of ending inventory } & 91,730 \
\hline
\end{array}$$ What amount must be reported for cost of goods sold on the income statement?

December 31 of the Current Year, the Trial Balance for a Company