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How do I calculate inventory on an income statement using COGS/

How do I calculate inventory on an income statement using COGS/

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Answer #1

To calculate Closing Inventory on income statement using COGS Opening Inventory and Purchase needs to be added Cost of Goods Sold( COGS) needs to be subtracted

Closing Inventory = Opening Inventory +Purchase- Cost of Goods Sold( COGS)

Analysis
Cost of Goods Sold( COGS) = Opening Inventory + Purchase- Closing Inventory
Closing Inventory- Opening Inventory (Change in inventory)=Purchase- Cost of Goods Sold( COGS)

Closing Inventory = Opening Inventory +Purchase- Cost of Goods Sold( COGS)

Opening Inventory = Closing Inventory - Purchase + Cost of Goods Sold( COGS)

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