Under a periodic inventory system, if inventory at the start of the period is $15 000, purchases for the period are $73 000 and inventory at the end of the period, as per a physical stocktake is $20 000, what is the estimated cost of sales?

Question

Quizplus · Accepted Answer

The estimated cost of sales under a periodic inventory system is calculated as: Beginning Inventory + Purchases - Ending Inventory. Therefore, $15,000 + $73,000 - $20,000 = $68,000.

Under a Periodic Inventory System, If Inventory at the Start