Woods Company had an inventory balance of $4,200 on January 1. During the accounting period they made purchases of $12,500. The ending inventory balance was $2,250. If Woods Co. uses the periodic inventory system, what is the cost of inventory sold during the period?

Question

Quizplus · Accepted Answer

The cost of inventory sold is calculated as: Beginning Inventory + Purchases - Ending Inventory = $4,200 + $12,500 - $2,250 = $14,450.

Woods Company Had an Inventory Balance of $4,200 on January