Cost of Goods Sold = Beginning inventory + Purchases – Ending Inventory
$ 569,818,000 = $ 385,857,000 + Purchases - $ 4,158,058,0000
1178544000 = 1,639,188,000 + Purchase - 372482000
1178544000 – 333183000 + 372482000 = Purchase.
Inventory is an asset. This is because companies invest money there and turn it into profit by selling inventory. Inventory that does not sell as quickly as expected can become a liability. The primary function of inventory is to provide a continuous supply of materials to the farm.
The four most commonly used inventory types are Raw Materials, Work in Process (WIP), Finished Goods, Maintenance, Repair, and Overhaul (MRO). Knowing the nature of your inventory will help you manage your inventory better and smarter. Consider a fashion retailer like Zara, which operates seasonally.
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