Figure 2-14
The following is the data for Lauren Enterprises:
-Refer to Figure 2-14. What is the cost of goods sold?
A) $565,000
B) $950,000
C) $965,000
D) $980,000

Question

Figure 2-14
The following is the data for Lauren Enterprises: 
-Refer to Figure 2-14. What is the cost of goods sold?
A) $565,000 
B) $950,000 
C) $965,000 
D) $980,000

Quizplus · Accepted Answer

The cost of goods sold is calculated as beginning inventory plus purchases minus ending inventory. In this case, it would be $550,000 (beginning inventory) + $450,000 (purchases) - $35,000 (ending inventory) = $965,000.

Figure 2-14 The Following Is the Data for Lauren Enterprises