Gabel Inc.is a merchandising company.Last month the company's merchandise purchases totaled $63,000.The company's beginning merchandise inventory was $13,000 and its ending merchandise inventory was $15,000.What was the company's cost of goods sold for the month?

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Quizplus · Accepted Answer

Cost of goods sold = Beginning merchandise inventory + Purchases - Ending merchandise inventory = $13,000 + $63,000 - $15,000 = $61,000

Gabel IncIs a Merchandising Company