Question

At the beginning of the year, Bryers Incorporated reports inventory of $6,300. During the year, the company purchases additional inventory for $21,300. At the end of the year, the cost of inventory remaining is $8,300. Calculate cost of goods sold for the year.

Answer 1

Answer:

Cost of goods sold for the year are $19,300

Explanation:

Cost of goods sold for the year = Cost of inventory sold for the year = Beginning Inventory of the year + Purchasing inventory for the year - Ending Inventory for the year

Bryers Incorporated has beginning Inventory inventory of $6,300. During the year, the company purchases additional inventory for $21,300. At the end of the year, the cost of inventory remaining is $8,300

Cost of goods sold for the year = $6,300 + $21,300 - $8,300 = $19,300