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Date Posted: 16:27:48 06/19/02 Wed
Author: Amanda A. Lee
Subject: Question From Class:Dadalt

This is the question I had at 8:00 this morning.
I need to know how to find the answer for COGS is 3,000,000. I know the beginning inventory is (270,000)+ material purchase which is (3,300,000)-Ending inventory(???) :(
I believe the ending inventory has something to do with the 10,000 units that were sold, but I do not know how they got the answer. I have tried many ways

Thanks for the help.

In 1999, Burghoff, Inc. (a hardware retail company) sold 10,000 units of its product at an average price of $400 per unit. The company reported estimated Returns and Allowance in 1999 of $200,000. Burghoff actually purchased 11,000 units of its product from its manufacturer in 1999 at an average cost of $300 per unit. Burghoff began 1999 with 900 units of its product in inventory (carried at an average cost of $300 per unit). Operating expenses for Burghoff, Inc. in 1999 were $500,000. Burghoff had $2,000,000 in debt outstanding throughout all of 1999. This debt carried an average interest rate of 10 percent. Finally, Burghoff's tax rate was 40 percent. Burghoff's 199 multi-step income statement.

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