Crestwood Paint Supply had a beginning inventory of 10 cans of paint at $25.00 per can. They purchased 20 cans during the month at $30.00 per can. They had an ending inventory valued at $500. How much paint in dollars was used for the month?

Question

Quizplus · Accepted Answer

Beginning inventory value = 10 x $25 = $250
Purchased inventory value = 20 x $30 = $600
Total inventory value = $250 + $600 = $850
Ending inventory value = $500
Cost of goods sold = Total inventory value - Ending inventory value
Cost of goods sold = $850 - $500 = $350

Crestwood Paint Supply Had a Beginning Inventory of 10 Cans