Question

How did you get the first months beginning inventory?

Answer 1

The formula to get the first months beginning inventory is; Beginning inventory = Cost of goods sold + Ending inventory – Purchases

How to Calculate Beginning Inventory?

Beginning inventory is defined as the quantity of a product a business has in stock at the start of an accounting period such as a month or a year.

The formula to calculate beginning inventory is given as;

Beginning inventory = Cost of goods sold + Ending inventory – Purchases

Where;

The cost of goods sold (COGS) is gotten from;

COGS = (Previous accounting period beginning inventory + previous accounting period purchases) – previous accounting period ending inventory

Ending inventory = Previous accounting period beginning inventory + Net purchases for the month – COGS

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