A company begins the year with inventory of $46,000 and ends the year with inventory of...
A company begins the year with inventory of $46,000 and ends the
year with inventory of $60,000. During the year, the following
amounts are recorded:
| Purchases | $ | 230,000 | |
| Purchase returns | 23,000 | ||
| Purchase discounts | 12,000 | ||
| Freight-in | 33,000 | ||
Calculate cost of goods sold for the year.
Cost of goods sold:
Homework Answers
Cost of Goods Sold = Beginning inventory + Purchases - Purchase returns - Purchase discounts + Freight-in - Ending Inventory
Cost of Goods Sold = $46,000 + $230,000 - $23,000 - $12,000 + $33,000 - $60,000
Cost of Goods Sold = $214,000
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800
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