Question

Pina Colada Corp. had beginning inventory of $16500 at March 1, 2017. During the month, the company made purchases of $71500. The inventory at the end of the month is $19030. What is cost of goods sold for the month of March

Answer 1

Answer:

The cost of goods sold is $68970

Explanation:

The cost of goods sold is the cost of inventory that a company sells in a partcular period.

The cost of goods sold can be calculated as,

Cost of Goods sold = Opening inventory + Purchases - Closing Inventory

Cost of Goods Sold = 16500 + 71500 - 19030  = $68970