For the current fiscal year, Purchases were $340,000, Purchase Returns and Allowances were $9,800, Purchase Discounts...
For the current fiscal year, Purchases were $340,000, Purchase Returns and Allowances were $9,800, Purchase Discounts were $3,800 and Freight In was $48,000. If the beginning merchandise inventory was $69,500 and the ending merchandise inventory was $94,000, the Cost of Goods Sold is:
a) $374,400
b) $398,900
c) $349,900
d) $377,100
Homework Answers
Correct answer is option C.349,900
Calculation of Cost of goods sold [COGS]
COGS = Opening inventory + Total purchase cost - Ending inventory
Total purchase cost = Purchase + Freight in - Purchase return - Discount
=340,000+48,000-9800-3800
=374,400
So COGS = 69500+374400-94000
=349,900
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