Question

sheridan company had beginning inventory of $12600 at March 1, 2022. During the month, the company made purchases of $54600. The inventory at the end of the month is $14530

Answer 1

$52670 is the cost of goods sold for the month of March

What is cost of goods ?

The carrying value of goods sold during a specific period is referred to as the cost of goods sold. Costs are assigned to specific items using one of several formulas, such as specific identification, first-in-first-out, or average cost.

The value of a company's cost of goods sold is determined by the inventory costing method used. When recording the level of inventory sold during a period, a company can use one of three methods: The average cost method, first in, first out (FIFO), and last in, first out (LIFO)

If COGS rises, net income will fall. While this change is advantageous for income tax purposes, the business will generate less profit for its shareholders. Businesses thus try to keep their COGS low so that net profits will

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