Inventory on January 1 and December 31 is $29,500 and $43,000, respectively. During the year, cash paid to suppliers of inventory is $80,000. If all purchases of inventory are for cash, how much is the current year's cost of goods sold?
a. $14,500
b. $66,500
c. $94,500
d. $151,500

Question

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The Answer of Inventory on January 1 and December 31 is $29,500 and $43,000, respectively. During the year, cash paid to suppliers of inventory is $80,000. If all purchases of inventory are for cash, how much is the current year's cost of goods sold?
a. $14,500
b. $66,500
c. $94,500
d. $151,500

Inventory on January 1 and December 31 Is $29,500 and $43,000