Question

A company has beginning inventory for the year of $13,000. During the year, the company purchases inventory for $150,000 and ends the year with $25,000 of inventory. The company will report cost of goods sold equal to:

Answer 1

Based on the opening and closing inventories as well as the purchases, the company cost of goods is $138,000.

What are the cost of goods sold?

This can be found as:

= Opening inventory + purchases - closing inventory

Solving gives:
= 13,000 + 150,000 - 25,000

= $138,000

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