Question

Pina Colada Corp. sold goods with a total selling price of $806,500 during the year. It...

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 $
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Answer #1
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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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