At the beginning of the year, Superior Sales had $7,500 of merchandise inventory. During the year, the company purchased $72,000 of inventory. At the end of the year, a count of the inventory revealed that the business had $11,640 of inventory on hand. Superior uses the periodic inventory system.Required:a)What is cost of goods sold for the year?b)What is the amount of goods available for sale?c)What is the amount of inventory that will be shown on the year-end balance sheet?

Question

Quizplus · Accepted Answer

The Answer of At the beginning of the year, Superior Sales had $7,500 of merchandise inventory. During the year, the company purchased $72,000 of inventory. At the end of the year, a count of the inventory revealed that the business had $11,640 of inventory on hand. Superior uses the periodic inventory system.Required:a)What is cost of goods sold for the year?b)What is the amount of goods available for sale?c)What is the amount of inventory that will be shown on the year-end balance sheet?

At the Beginning of the Year, Superior Sales Had $7,500