A furniture retailer has a beginning-of-year inventory (at cost)of $400,000;ending inventory (at cost)is $270,000.Yearly purchases are $700,000 and transportation charges equal $5,700.The retailer's cost of goods sold is _____.

Question

Quizplus · Accepted Answer

The cost of goods sold (COGS) is calculated as: Beginning Inventory + Purchases + Transportation Charges - Ending Inventory. So, $400,000 + $700,000 + $5,700 - $270,000 = $835,700.

A Furniture Retailer Has a Beginning-Of-Year Inventory (At Cost)of $400,000;ending