Question

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

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)