If a company sells goods that cost $80,000 for $92,000, the firm will: reduce Fi

Question

If a company sells goods that cost $80,000 for $92,000, the firm will:

reduce Finished-Goods Inventory by $80,000.

reduce Finished-Goods Inventory by $92,000.

report sales revenue on the balance sheet of $92,000.

reduce Cost of Goods Sold by $80,000.

follow more than one of the other procedures.

reduce Finished-Goods Inventory by $80,000.

reduce Finished-Goods Inventory by $92,000.

report sales revenue on the balance sheet of $92,000.

reduce Cost of Goods Sold by $80,000.

follow more than one of the other procedures.

Explanation / Answer

Answer

the firm should reduce the closing inventory by 80000

reduce Finished Goods inventory by 80000

Related Questions

Navigate

• Browse (All)
• Browse I
• Subjects

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.