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1 year ago

Calculate costs of goods sold for Day Company

Business

1 answer:

UkoKoshka [18]1 year ago

4 0

The cost of goods sold for Day Company for the period ended December 31, 2021, is $5,000.

<h3>What is the cost of goods sold?</h3>

The cost of goods sold is the difference between the beginning inventory added to the period's purchases or finished goods while subtracting the ending inventory.

In other words, the cost of goods sold is the difference between the cost of goods available for sale and the ending inventory.

<h3>Data and Calculations:</h3>

Beginning inventory = $1,000

Purchases = $7,000

Ending inventory = $3,000

Cost of goods sold = $5,000 ($1,000 + $7,000 - $3,000)

Thus, the cost of goods sold for Day Company for the period ended December 31, 2021, is $5,000.

Learn more about the cost of goods sold at brainly.com/question/25947903

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