The following information is available from the trial balance of Valentines company as at 31 Dec Year 3:
$$\begin{array} { l c c }
& \text { Debit } & \text { Credit } \
& £ & £ \
\text { Sales revenue } & & 110,000\
\text { Inventory at 31st Dec Year 1 } & 7,000 \
\text { Purchases } & 18,750 &
\end{array}$$

Closing inventory as at 31st Dec year 3 is £5,250.Calculate the cost of goods sold.

Question

The following information is available from the trial balance of Valentines company as at 31 Dec Year 3:
$$\begin{array} { l c c } 
& \text { Debit } & \text { Credit } \
& £ & £ \
\text { Sales revenue } & & 110,000\
\text { Inventory at 31st Dec Year 1 } & 7,000 \
\text { Purchases } & 18,750 &
\end{array}$$

Closing inventory as at 31st Dec year 3 is £5,250.Calculate the cost of goods sold.

Quizplus · Accepted Answer

The Answer is B

The Following Information Is Available from the Trial Balance of Valentines