At the beginning of the year, Kelly Sales had $2,400 of merchandise inventory. During the year, Kelly purchased $22,000 of inventory. At the end of the year, a count of the inventory revealed that Kelly had $1,600 of inventory on hand. Kelly uses a periodic inventory system.
Required:
a) What is the amount of goods available for sale?
b) What is cost of goods sold for the year?

Question

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The Answer of At the beginning of the year, Kelly Sales had $2,400 of merchandise inventory. During the year, Kelly purchased $22,000 of inventory. At the end of the year, a count of the inventory revealed that Kelly had $1,600 of inventory on hand. Kelly uses a periodic inventory system.
Required:
a) What is the amount of goods available for sale?
b) What is cost of goods sold for the year?

At the Beginning of the Year, Kelly Sales Had $2,400