Martock Company uses the periodic inventory system. The following information is available for the period ending December 31:(1) Sales: $30,000 (2) Beginning inventory: $17,500 (3) Ending inventory: $8,000 (4) Purchases: $10,000The cost of goods sold for the period is

Question

Quizplus · Accepted Answer

The cost of goods sold (COGS) is calculated as: Beginning Inventory + Purchases - Ending Inventory. Therefore, COGS = $17,500 + $10,000 - $8,000 = $19,500.

Martock Company Uses the Periodic Inventory System