Goldman Inc.
The following is from Goldman Inc.'s 2017 income statement.

$$\begin{array} { l r }
\text { Purchases } & \$ 172,000 \
\text { Transportation-in } & 11,000 \
\text { Inventory, January 1, 2017 } & 26,500 \
\text { Inventory, December 31, 2017 } & 28,800 \
\text { Purchase returns and allowances } & 8,400
\end{array}$$
- How much will Goldman report as its cost of goods sold in its 2016 income statement?

Question

Goldman Inc.  
The following is from Goldman Inc.'s 2017 income statement.
 
$$\begin{array} { l r } 
\text { Purchases } & \$ 172,000 \
\text { Transportation-in } & 11,000 \
\text { Inventory, January 1, 2017 } & 26,500 \
\text { Inventory, December 31, 2017 } & 28,800 \
\text { Purchase returns and allowances } & 8,400
\end{array}$$
- How much will Goldman report as its cost of goods sold in its 2016 income statement?

Quizplus · Accepted Answer

The Answer of Goldman Inc.  
The following is from Goldman Inc.'s 2017 income statement.
 
$$\begin{array} { l r } 
\text { Purchases } & \$ 172,000 \
\text { Transportation-in } & 11,000 \
\text { Inventory, January 1, 2017 } & 26,500 \
\text { Inventory, December 31, 2017 } & 28,800 \
\text { Purchase returns and allowances } & 8,400
\end{array}$$
- How much will Goldman report as its cost of goods sold in its 2016 income statement?

Goldman Inc - How Much Will Goldman Report as Its Cost of 2017