Finney's MMA Gym had a total of $1,300 worth of boxing gloves on June 1. The ending inventory for the month was $524. What was their cost of goods sold for June?

Name: Finney's MMA Gym had a total of $1,300 worth of boxing gloves on June 1. The ending inventory for the month was $524. What was their cost of goods sold for June?
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Question

Quizplus · Accepted Answer

The cost of goods sold (COGS) is calculated as the beginning inventory minus the ending inventory. Therefore, COGS = $1,300 - $524 = $776.

Finney's MMA Gym Had a Total of $1,300 Worth of Boxing