At the beginning of the year, Manhattan Sales had $2,500 of merchandise inventory. During the year, the company purchased $24,000 of inventory. At the end of the year, a count of the inventory revealed that the business had $3,880 of inventory on hand. Manhattan uses the periodic inventory system.
a) What is cost of goods sold for the year?
b) What is the amount of goods available for sale?
c) What amount of inventory will be shown on the year-end balance sheet?

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The Answer of At the beginning of the year, Manhattan Sales had $2,500 of merchandise inventory. During the year, the company purchased $24,000 of inventory. At the end of the year, a count of the inventory revealed that the business had $3,880 of inventory on hand. Manhattan uses the periodic inventory system.
a) What is cost of goods sold for the year?
b) What is the amount of goods available for sale?
c) What amount of inventory will be shown on the year-end balance sheet?

At the Beginning of the Year, Manhattan Sales Had $2,500