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Lesechka [4]
3 years ago
12

Haack Inc. is a merchandising company. Last month the company's cost of goods sold was $69,800. The company's beginning merchand

ise inventory was $13,200 and its ending merchandise inventory was $29,300. What was the total amount of the company's merchandise purchases for the month?
Business
1 answer:
Lemur [1.5K]3 years ago
8 0

Answer:

cost of goods purchased= $85,900

Explanation:

Giving the following information:

Last month the company's cost of goods sold was $69,800.

The company's beginning merchandise inventory was $13,200 and its ending merchandise inventory was $29,300.

<u>To calculate the purchases, we need to use the following formula:</u>

COGS= beginning finished inventory + cost of goods purchased - ending finished inventory

69,800 = 13,200 + cost of goods purchased - 29,300

69,800 - 13,200 + 29,300= cost of goods purchased

cost of goods purchased= $85,900

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