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1 November, 00:21

During its first year of operations, a company that incurred $1,000 in production costs reported cost of goods sold of $800 and selling costs of $100. Its ending finished goods inventory was $300. a. Trueb. False

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  1. 1 November, 02:11
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    b. False

    Explanation:

    Given information

    Incurred cost for production = $1,000

    Cost of goods sold = $800

    Selling cost = $100

    Ending finished goods inventory = $300

    Since the cost of goods sold and the selling cost are reported in the income statement but these are not equal plus the inventory is an asset which is to be reported on the asset side of the balance sheet.

    So, the given statement is false
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