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hollimonpat
14.06.2020 •
Business
ABC, Inc has a beginning inventory of $12,000. During the year they purchase $150,000 more inventory. At the end of the year, they take a physical inventory and determine $20,000 is still there (ending inventory). What is ABC, inc’s cost of goods sold (CGS) for the year?
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Ответ:
cost of goods sold during the year = $142,000
Explanation:
First of all, let us calculate the total cost of goods acquired during the year, as follows:
Total cost of goods acquired = beginning inventory + purchases
= 12,000 + 150,000 = $162,000
Next, we are told that there was an ending inventory of $20,000, therefore, the cost of goods sold is calculated as follows:
cost of goods sold = total cost of goods acquired - ending inventory
= 162,000 - 20,000 = $ 142,000
Therefore inventory worth $142,000 was sold during the year
Ответ:
This question is opinion based
Explanation: