Finkler Inc.'s net sales and gross profit were $335,250 and $117,750 respectively. Assuming the cost of goods available for sale were $271,000, what was the cost value of the ending inventory?

Question

Quizplus · Accepted Answer

The cost of goods sold (COGS) is calculated as net sales minus gross profit, which is $335,250 - $117,750 = $217,500. The cost of goods available for sale minus COGS gives the ending inventory: $271,000 - $217,500 = $53,500.