Beginning inventory is $40,000.Purchases of inventory during the year are $200,000.Ending inventory is $100,000.What is cost of goods sold?

Name: Beginning inventory is $40,000.Purchases of inventory during the year are $200,000.Ending inventory is $100,000.What is cost of goods sold?
Brand: Quizplus
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Question

Quizplus · Accepted Answer

Cost of Goods Sold (COGS) is calculated as Beginning Inventory + Purchases - Ending Inventory. Therefore, COGS = $40,000 + $200,000 - $100,000 = $140,000.

Beginning Inventory Is $40,000