Hoover Company had beginning inventory of $15,000 at March 1, 2017. During the month, the company made purchases of $65,000. The inventory at the end of the month is $17,300. What is cost of goods sold for the month of March?
A)$62,700
B)$65,000
C)$80,000
D)$82,300

Question

Quizplus · Accepted Answer

The cost of goods sold (COGS) is calculated as: Beginning Inventory + Purchases - Ending Inventory = $15,000 + $65,000 - $17,300 = $62,700.

Hoover Company Had Beginning Inventory of $15,000 at March 1