Question

Consider the following information: ending inventory, $ 24,000 ; sales, $ 250,000 ; beginning inventory, $ 30,000 ; selling and administrative expenses, $ 70,000 ; and purchases, $ 90,000 . What is cost of goods sold? a. $ 86,000 b. $ 94,000 c. $ 96,000 d. $ 84,000

Answer 1

96,000 is the cost of goods sold.

Beginning inventory,       $30,000;

Add: Purchases,              $90,000.

Less: Ending inventory  $24,000;

Cost of Goods Sold $96,000

Cost of Goods Sold is the number of direct materials, direct labor, and manufacturing overhead charged to the units sold during the period. Presented as a deduction from net sales to obtain gross margin for the period. The cost of goods sold is the total amount paid by a company for expenses directly related to the sale of its products. Depending on the business, this may include direct labor associated with manufacturing or selling products, raw materials, packaging, and merchandise purchased for resale purposes.

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