Question

X Company is a merchandiser. It incurred the following costs in 2019: Equipment rental $15,328 Merchandise...

X Company is a merchandiser. It incurred the following costs in 2019:

Equipment rental $15,328
Merchandise purchases 86,863
Utility costs 21,962
Warehouse costs 38,050
Employee salaries 11,550
Advertising costs 16,129
Insurance costs 24,170
Supply costs 14,357
Miscellaneous operating costs 16,898

The Merchandise Inventory account had a January 1 balance of $39,670 and a December 31 balance of $10,277. What was Cost of Goods Sold in 2019?

Business   Accounting   
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Answer #1
Calculation of Cost of Goods sold
Beginning Merchandise Inventory                39,670
Add: Merchandise Purchase                86,863
Less: Ending Merchandise Inventory              (10,277)
Cost of Goods Sold              116,256
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