Oaktree,Inc.is a merchandiser of inlaid wooden boxes.The company sold 7000 units during the year.The company has provided the following information:

What is the cost of goods sold for the year?

Question

Oaktree,Inc.is a merchandiser of inlaid wooden boxes.The company sold 7000 units during the year.The company has provided the following information:

What is the cost of goods sold for the year?

Quizplus · Accepted Answer

Cost of goods sold = Beginning Merchandise Inventory + Purchases + Freight In - Ending Merchandise Inventory = $43,000 + $304,000 + $15,000 - $42,000 = $320,000