Nottingham Inc.'s net sales and gross profit were $1,341,000 and $471,000 respectively.Assuming the cost of goods available were $1,084,000, what was the cost value of the ending inventory?

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Quizplus · Accepted Answer

The cost of goods sold (COGS) is calculated as net sales minus gross profit, which is $1,341,000 - $471,000 = $870,000. The cost of goods available is $1,084,000, so the ending inventory is $1,084,000 - $870,000 = $214,000.