Use the following information to answer bellow questions
Continue with the information used for questions . Thirty days after year-end, it is now 2021 and the market value of the inventory is $785,000. The company closes the futures contract and sells the inventory on the spot market for $785,000.
-What amount is reported for cost of goods sold in 2021?

Question

Use the following information to answer bellow questions 
Continue with the information used for questions . Thirty days after year-end, it is now 2021 and the market value of the inventory is $785,000. The company closes the futures contract and sells the inventory on the spot market for $785,000.
-What amount is reported for cost of goods sold in 2021?

Quizplus · Accepted Answer

($785,000 - $780,000) + $729,000 = $734,000

Use the Following Information to Answer Bellow Questions