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SSSSS [86.1K]
4 years ago
10

A company, using the periodic inventory system, has merchandise inventory costing $210 on hand at the beginning of the period. D

uring the period, merchandise costing $635 is purchased. At year-end, merchandise inventory costing $160 is on hand. The cost of merchandise sold for the year is
Business
1 answer:
Sphinxa [80]4 years ago
8 0

Answer:

The answer is: The COGS is $635

Explanation:

We will use the following entries:

  • Initial merchandise inventory                                 $210
  • Purchased merchandise inventory                        $635
  • Ending merchandise inventory                              $160

Cost of goods sold = initial inventory + purchases - ending inventory

Cost of goods sold = $210 + $635 - $160 = $685

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