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15 November, 11:53

A company, using the periodic inventory system, has merchandise inventory costing $210 on hand at the beginning of the period. During the period, merchandise costing $635 is purchased. At year-end, merchandise inventory costing $160 is on hand. The cost of merchandise sold for the year is

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  1. 15 November, 13:34
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    The answer is: The COGS is $635

    Explanation:

    We will use the following entries:

    Initial merchandise inventory $210 Purchased merchandise inventory $635 Ending merchandise inventory $160

    Cost of goods sold = initial inventory + purchases - ending inventory

    Cost of goods sold = $210 + $635 - $160 = $685
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Home » Business » A company, using the periodic inventory system, has merchandise inventory costing $210 on hand at the beginning of the period. During the period, merchandise costing $635 is purchased. At year-end, merchandise inventory costing $160 is on hand.
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