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nydimaria [60]
3 years ago
5

A company using the periodic inventory system has inventory costing $210 on hand at the beginning of a period. During the period

, merchandise costing $635 is purchased. At year-end, inventory costing $160 is on hand. The cost of goods sold for the year is _______.
Business
1 answer:
Delvig [45]3 years ago
5 0

Answer:

$685

Explanation:

Data provided in the question:

Cost of inventory at the beginning of the year = $210

Cost of merchandise purchased = $635

Inventory at the end of the year = $160

Now,

cost of goods sold for the year

= Beginning inventory + Cost of merchandise purchased - Ending inventory

or

Cost of goods sold for the year = $210 + $635 - $160

or

Cost of goods sold for the year = $685

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Answer:

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Explanation:

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3 0
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Answer:

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Explanation:

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3 years ago
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Answer:

The journal entry is as follows:

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Working notes:

Interest for 90 Days:

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= $25,000 × 0.07 × (90/360) days

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5 0
3 years ago
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bearhunter [10]

Answer:

The correct answer is $2,500,000,000.

Explanation:

According to the scenario, the computation of the given data are as follows:

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So, we can calculate the level of sales by using following formula:

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Answer:

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Explanation:

Edge 2021

Hope this Helps! :)

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