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First year Accounting

Forums › ACCA Forums › ACCA FA Financial Accounting Forums › First year Accounting

  • This topic has 1 reply, 2 voices, and was last updated 11 years ago by mansoor.
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  • July 10, 2014 at 4:01 pm #178539
    zack
    Member
    • Topics: 2
    • Replies: 0
    • ☆

    Greenwich Pty Ltd reports for 2015

    Beginning inventory $36 000
    Ending inventory $48 000
    Cost of Sales $108 000

    Determine the amount of credit purchases for the year?

    Once again thank you very much for helping me solve my first questions.

    July 11, 2014 at 5:35 am #178574
    mansoor
    Participant
    • Topics: 423
    • Replies: 541
    • ☆☆☆☆

    COGS=OPENING INV + PURCHASES – CLOSING INV

    simply plug and chug… solve for PURCHASES

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