What would be the amount appearing on the December 31, 2018 Consolidated Income Statement for cost of goods sold?

Name: What would be the amount appearing on the December 31, 2018 Consolidated Income Statement for cost of goods sold?
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Question

Quizplus · Accepted Answer

The correct answer is B because the cost of goods sold for the year ended December 31, 2018, is $593,000. This is calculated by adding the beginning inventory of $400,000 to the net purchases of $280,000 and subtracting the ending inventory of $87,000.

What Would Be the Amount Appearing on the December 31