Figure 2-15 Information from the records of the Tyler Enterprises for March 2011 is as follows:

-Refer to Figure 2-15.What is the cost of goods sold?

Question

Figure 2-15 Information from the records of the Tyler Enterprises for March 2011 is as follows:
  
-Refer to Figure 2-15.What is the cost of goods sold?

Quizplus · Accepted Answer

The cost of goods sold can be calculated by adding the beginning inventory ($12,000) to purchases during the month ($62,000) and subtracting the ending inventory ($44,600). This would be:

COGS = Beginning Inventory + Purchases - Ending Inventory 
COGS = $12,000 + $62,000 - $44,600 
COGS = $29,400

Therefore, the answer is B: $29,400.

Figure 2-15 Information from the Records of the Tyler Enterprises