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Ance design company ended 2012 (began 2013) with inventory valued at $2,646,000 (specifically 12,600 units at...

Ance design company ended 2012 (began 2013) with inventory valued at $2,646,000 (specifically 12,600 units at $210 per unit). During 2013, ance purchased 368,200 units of inventory at a constant cost of $210 per unit. Ance actually sold 374,500 units in 2013 at a constant price per unit of $250. What did ance report as COGS on its 2013 I come statement?

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Answer #1
Cost of Good sold = Opening Stock + Purhcases - closing Stock
Cost of Good sold = Unit   Rate Amount
Opening Stock =            12,600 $                210 $     26,46,000
Add: Purchases        3,68,200 $                210 $ 7,73,22,000
Goods Available For Sold $ 7,99,68,000
Cost of Goods Sold =        3,74,500 $                210 $ 7,86,45,000
Answer = COGs Reported in income statement = 7,86,45,000
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