Flite Company had beginning inventory on May 1 of $12000. During the month the company made purchases of $38000 but returned $2000 of goods because they were defective. At the end of the month the inventory on hand was valued at $16500.
Calculate cost of goods available for sale and cost of goods sold for the month.

Question

Quizplus · Accepted Answer

The Answer of Flite Company had beginning inventory on May 1 of $12000. During the month the company made purchases of $38000 but returned $2000 of goods because they were defective. At the end of the month the inventory on hand was valued at $16500.
Calculate cost of goods available for sale and cost of goods sold for the month.

Flite Company Had Beginning Inventory on May 1 of $12000