Woods Company had an inventory balance of $3,500 on January 1.During the accounting period they made purchases of $11,500.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

Cost of goods sold = Beginning inventory + Purchases - Ending inventory= $3,500 + $11,500 - $2,250= $12,750

Woods Company Had an Inventory Balance of $3,500 on January