Galvern Company provided the following data for July: What is the cost of goods sold?

Question

Galvern Company provided the following data for July:  What is the cost of goods sold?

Quizplus · Accepted Answer

The cost of goods sold can be calculated as:
Beginning Inventory + Purchases - Ending Inventory = Cost of Goods Sold
Beginning Inventory for July is not given.
Purchases for July = $220,000
Ending Inventory on July 31st = $90,000
Therefore, Cost of Goods Sold = $220,000 - $90,000 = $130,000
Option B is the closest answer to this value.

Galvern Company Provided the Following Data for July: What