Maz-Ing Company had a beginning inventory with a cost of $1,000. During the period, the company purchased additional inventory at a cost of $12,000. A physical count of the inventory at the end of the period showed goods at a cost of $3,000 on hand. What was the company's cost of goods sold for the period?

Question

Quizplus · Accepted Answer

Cost of goods sold = Beginning inventory + Purchases - Ending inventory= $1,000 + $12,000 - $3,000= $10,000

Maz-Ing Company Had a Beginning Inventory with a Cost of $1,000