Assuming average cost of $55.5, the cost of goods sold by Olympic Enterprises for the June 14 sale is equal to $444.
<h3>How to calculate cost of goods?</h3>
In Financial accounting, the cost of goods sold for a business firm can be calculated by multiplying the total quantity of goods by an average cost. Mathematically, this is given by:
Cost of goods = quantity × average cost
<u>Note:</u> We would assume an average cost of $55.5.
Substituting the parameters into the formula, we have:
Cost of goods sold = 8 × 55.5
Cost of goods sold = $444.
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