Ask Question
8 July, 07:41

Millburg Corp. uses the periodic inventory method. Millburg's beginning inventory is $10,000. During the year, Millburg purchases $8,000 of inventory. Ending inventory is $5,000. Cost of goods sold is

+1
Answers (1)
  1. 8 July, 11:05
    0
    Answer: $13,000

    Explanation:

    Given that,

    Beginning inventory = $10,000

    Inventory purchased = $8,000

    Ending inventory = $5,000

    Company uses the periodic inventory method,

    Cost of goods sold = Beginning inventory + Inventory purchased - Ending inventory

    = $10,000 + $8,000 - $5,000

    = $13,000
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “Millburg Corp. uses the periodic inventory method. Millburg's beginning inventory is $10,000. During the year, Millburg purchases $8,000 of ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers