Total cost of goods purchased minus beginning merchandise inventory plus ending merchandise inventory equals cost of goods sold.Purchases plus beginning inventory minus ending inventory equals cost of goods sold.

Question

Quizplus · Accepted Answer

The correct formula for cost of goods sold (COGS) is: Beginning Inventory + Purchases - Ending Inventory = COGS. The statement provided incorrectly describes the formula.

Total Cost of Goods Purchased Minus Beginning Merchandise Inventory Plus