Pina Colada Corp. sold goods with a total selling price of
$806,500 during the year. It purchased goods for $400,400 and had
beginning inventory of $69,600. A count of its ending inventory
determined that goods on hand was $60,300.
What was its cost of goods sold?
Cost of goods sold | $ |
Answer |
Cost of Goods Sold : $ 409,700 |
Cost of Goods Sold = Beginning Inventory + Purchases - Ending Inventory |
$ ( 69,600 + 400,400 - 60,300) = $ 409,700 |
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Pina Colada Corp. sold goods with a total selling price of $806,500 during the year. It...
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