Clyde Retailers is a local merchandiser which buys vintage clothing and sells it to local college students. Clyde began the year with inventory costing $60,000. During the year inventory costing $300,000 was purchased. At the end of the year, inventory costing $45,000 still remained. What was Clyde's cost of goods sold for the year?

Question

Quizplus · Accepted Answer

Clyde's cost of goods sold is calculated as: Beginning Inventory ($60,000) + Purchases ($300,000) - Ending Inventory ($45,000) = $315,000.

Clyde Retailers Is a Local Merchandiser Which Buys Vintage Clothing