At the beginning of September 2016 Astrid Company reported Inventory of $8500. During the month the company made purchases of $35000. At September 30 2016 a physical count of inventory reported $8200 on hand. Cost of goods sold for the month is

Question

Quizplus · Accepted Answer

Cost of Goods Sold (COGS) is calculated as: Beginning Inventory + Purchases - Ending Inventory. So, COGS = $8500 + $35000 - $8200 = $35300.

At the Beginning of September 2016 Astrid Company Reported Inventory