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Afina-wow [57]
2 years ago
6

If beginning inventory is $60,000, cost of goods purchased is $380,000, sales revenue is $800,000 and ending inventory is $50,00

0, how much is cost of goods sold under a periodic system
Business
1 answer:
marysya [2.9K]2 years ago
6 0

Answer:

$390000

Explanation:

Given: Beginning inventory= $60000

          Cost of goods purchased = $380,000

          Sales revenue= $800000.

          Ending inventory= $50000.

The Periodic inventory system is used to determine the amount of inventory available at the end of each accounting period.

Cost of goods sold= beginning\ inventory+ cost\ of\ goods\ purchased- ending\ inventory

⇒ Cost of goods sold= 60000+380000-50000

⇒ Cost of goods sold= \$ 440000 - \$ 50000

∴ Cost of goods sold= \$ 390000.

Hence, $390000 is the cost of goods sold under a periodic system.

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