Practice Quiz

Forensic Accounting

Category - Specialized Forensic Knowledge

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What is the equation used to compute cost of goods sold?
  1. Beginning inventory - Purchases +Ending inventory
  2. Beginning inventory - Purchases - Ending inventory
  3. Beginning inventory + Purchases - Ending inventory
  4. Beginning inventory+Purchases+Ending inventory
Explanation
Answer: C - The cost of goods sold is computed by adding purchases for the period to the beginning inventory and subtracting ending inventory.
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