The following information pertains to Deal Corp.'s 2004 cost of goods sold: Inventory, 12/31/03 $ 90,000 2004 purchases 124,000 2004 write-off of obsolete inventory 34,000 Inventory, 12/31/04 30,000 The inventory written off became obsolete due to an unexpected and unusual technological advance by a competitor. In its 2004 income statement, what amount should Deal report as cost of goods sold? $124,000 $150,000 $218,000 $184,000
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The following information pertains to Deal Corp.'s 2004 cost of goods sold: Inventory, 12/31/03 $ 90...
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