acacia company had inventory of 100,000 on December 31, 2012. other information is as follows:
purchases $1,500,000
sales 3,000,000
inventory 1/1/2012
what is the amount of acacia cost of goods sold for 2012?
beginning inventory = 0
+ purchases. =1,500,000
good available for sale =1,500,000
Less ending inventory. = 100,000
Cost of goods sold = 1,400,000