Using the following information, what is the amount of cost of merchandise sold?

Question

Quizplus · Accepted Answer

The cost of goods sold can be found by subtracting the ending inventory from the beginning inventory and adding the cost of purchases during the period. Using the information given, the beginning inventory is $14,200, the purchases are $28,750, and the ending inventory is $12,740. Therefore, cost of goods sold = beginning inventory + purchases - ending inventory = $14,200 + $28,750 - $12,740 = $30,210.

Using the Following Information, What Is the Amount of Cost