Baxter Company's merchandise inventory at the start of 2014 was $85,000. The company purchased inventory during 2014 in the amount of $323,000, and its inventory at the end of the year was $102,000. What was Baxter's Cost of Goods Sold for 2014?1) $391,0002) $306,0003) $408,0004) $289,000

Question

Business

Boston

6 November, 13:17

Baxter Company's merchandise inventory at the start of 2014 was $85,000. The company purchased inventory during 2014 in the amount of $323,000, and its inventory at the end of the year was $102,000. What was Baxter's Cost of Goods Sold for 2014?1) $391,0002) $306,0003) $408,0004) $289,000

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Answers (1)

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Gael Gallagher · Answer 1

Cost of goods sold of Baxter's Company = 3,06,000

Explanation:

Cost of goods sold = + Purchase + Direct Exp + Opening Inventory - Closing Stock

85,000 + 3,23,000 - 1,02,000 = 3,06,000