ABC Co. had the following information pertaining to its current year's inventory: Beginning inventory, 1/1/x1: $100,000 Purchases: $50,000 Freight-In: $4,000 Purchase returns and allowances: $1,500 Purchase discounts: $500 Ending inventory, 12/31/x1: $30,000 What amount represents cost of goods sold

Peppy knows a lot about marketing, but not much about the legal or financial aspects of starting a new business. he wants to consult with a lawyer and accountant, but his budget is tight with all of the expenses involved in getting peppy's pizzazzeria up and running. peppy should: trust his basic instincts and try to put it together without the advice of lawyers and accountants. delay talking with a lawyer and accountant until the business has established a positive cash flow for at least one year. immediately hire full-time lawyers and accountants for his staff. consult with a lawyer and accountant even though the budget is tight.