Answer:
cost of goods sold during the year = $142,000
Explanation:
First of all, let us calculate the total cost of goods acquired during the year, as follows:
Total cost of goods acquired = beginning inventory + purchases
= 12,000 + 150,000 = $162,000
Next, we are told that there was an ending inventory of $20,000, therefore, the cost of goods sold is calculated as follows:
cost of goods sold = total cost of goods acquired - ending inventory
= 162,000 - 20,000 = $ 142,000
Therefore inventory worth $142,000 was sold during the year
