Stone Beauty, Inc. is a merchandiser of stone ornaments. The company sold 8000 units during the year. The company has provided the following information: $$\begin{array} { | l | r | }
\hline \text { Sales Revenue } & \$ 559,000 \
\hline \text { Purchases (excluding freight in) } & 303,000 \
\hline \text { Selling and Administrative Expenses } & 67,000 \
\hline \text { Freight In } & 14,000 \
\hline \text { Beginning Merchandise Inventory } & 46,000 \
\hline \text { Ending Merchandise Inventory } & 43,000 \
\hline
\end{array}$$ What is the cost of goods available for sale for the year?

Question

Stone Beauty, Inc. is a merchandiser of stone ornaments. The company sold 8000 units during the year. The company has provided the following information: $$\begin{array} { | l | r | } 
\hline \text { Sales Revenue } & \$ 559,000 \
\hline \text { Purchases (excluding freight in) } & 303,000 \
\hline \text { Selling and Administrative Expenses } & 67,000 \
\hline \text { Freight In } & 14,000 \
\hline \text { Beginning Merchandise Inventory } & 46,000 \
\hline \text { Ending Merchandise Inventory } & 43,000 \
\hline
\end{array}$$ What is the cost of goods available for sale for the year?

Quizplus · Accepted Answer

According to the information provided, the cost of goods sold is $320,000 and the ending inventory is $43,000. Therefore, the cost of goods available for sale is the sum of both, which is $363,000 (i.e. $320,000 + $43,000 = $363,000).

Stone Beauty, Inc What Is the Cost of Goods Available for Sale for Company