Question

‘So Much Inventory Inc.’ had total inventory available for sale of $1,526,000 for 2019. Their inventory...

‘So Much Inventory Inc.’ had total inventory available for sale of $1,526,000 for 2019. Their inventory at December 31, 2019 was $30,000. How much was their Cost of Goods Sold for the year (2019)? Just the amount.

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Answer #1

Answer----------------Cost of goods sold= $1,496,000

Working

A Total inventory available for sale $ 1,526,000.00
B Less: Inventory at December 31, 2019 $        30,000.00
C=A-B Cost of goods sold $ 1,496,000.00

Cost of goods sold is the inventory taken out from the company. The inventory that remains in company is the ending inventory unsold.

Cost of goods available for sale is Beginning inventory + Inventory purchased

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