Problem:Water flows from a bathroom tap at a rate of 2 gallons every 6 seconds. Questions At this rate,how many minutes will it
1 answer:
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Answer:
$390000
Explanation:
Given: Beginning inventory= $60000
Cost of goods purchased = $380,000
Sales revenue= $800000.
Ending inventory= $50000.
The Periodic inventory system is used to determine the amount of inventory available at the end of each accounting period.
Cost of goods sold=
⇒ Cost of goods sold=
⇒ Cost of goods sold=
∴ Cost of goods sold= .
Hence, $390000 is the cost of goods sold under a periodic system.