Refer to the information provided for Bluemoon,Inc.What is the cost of goods sold?

Name: Refer to the information provided for Bluemoon,Inc.What is the cost of goods sold?
Brand: Quizplus
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Question

Quizplus · Accepted Answer

The cost of goods sold is calculated as the beginning inventory plus purchases minus ending inventory.

Beginning inventory: $100,000 
Purchases: $700,000 
Ending inventory: $280,000

Cost of goods sold = $100,000 + $700,000 - $280,000 = $520,000. Therefore, the best choice is C.

Refer to the Information Provided for Bluemoon,Inc