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The 12/31/14 inventory for BB Co. was $64,000. For 2015 the following data are available Common stock, 12/31/15 Inventory, 12/31/15 Sales returns Transportation paid by BB Co. for 2015 purchases Purchase returns Accounts payable, 12/31/15 Purchases $990,000 82.000 6,000 3,000 8,000 20,000 943,000 Cost of goods sold for 2015 is: S

What is the cost of goods sold for 2015?

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Answer #1

This is the direct cost of goods that is available for selling.

Cost of goods sold = Beginning inventory + Purchase + Transportation for purchase – Purchase return - Ending inventory

                                    = 64,000 + 943,000 + 3,000 – 8,000 – 82,000

                                    = $920,000 (Answer)

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