A company using the periodic inventory system has inventory costing $152 on hand at the beginning of a period. During the period

Question

4 years ago

8

A company using the periodic inventory system has inventory costing $152 on hand at the beginning of a period. During the period

, merchandise costing $492 is purchased. At year-end, inventory costing $356 is on hand. The cost of goods sold for the year is:____________.A. $288B. $152C.$492D.$356

Business

2 answers:

BabaBlast [244] · Answer 1 · 2021-12-26T23:03:51+03:00

Answer:

A. $288

Explanation:

The cost incurred to produce or purchase the product which is being sold is called cost of goods sold.

Cost of Goods Sold = Beginning Inventory + Purchases in the period - Ending Inventory

Cost of Goods Sold = $152 + $492 - $356

Cost of Goods Sold = $288

Arturiano [62] · Answer 2 · 2021-12-27T00:19:16+03:00

Arturiano [62]4 years ago

3 0

Answer:

A. $288

Explanation:

We solve using the inventory identity

$$$Beginning Inventory + Purchase = Ending Inventory + COGS$

We replace for the know values and solve for COGS like in a sovle for X question

152 + 492 = 356 + COGS

644 = COGS + 356

COGS = 644 - 356 = 288