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lawyer [7]
3 years ago
11

At the beginning of 2018, Calston Incorporated reports inventory of $10,000. During 2018, the company purchases additional inven

tory for $27,000. At the end of 2018, the cost of inventory remaining is $7,700.
Calculate cost of goods sold for 2018.
Business
2 answers:
tresset_1 [31]3 years ago
5 0

Answer:

COGS for 2018 :  119,300

Explanation:

We use the inventory identity to solve for Cost of Goods Sold:

$$Beginning Inventory + Purchase = Ending Inventory + COGS

The right side are the input of inventory: it can be from previous prior and purchase from the period. And the left side are the destination, it can be on stock or sold.

We plug our values into the formula and solve for COGS

100,000 + 27,000 = 7,700 + COGS

COGS = 100,000 + 27,000 - 7,700 = 119,300

stira [4]3 years ago
4 0

Answer: COGS for 2018 : 119,300

Explanation:

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