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7 February, 19:53

Cullumber Company sold goods with a total selling price of $801,000 during the year. It purchased goods for $381,000 and had beginning inventory of $65,000. A count of its ending inventory determined that goods on hand was $51,000. What was its cost of goods sold?

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  1. 7 February, 20:38
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    Cost Of Goods Sold = $395,000

    Explanation:

    Giving the following information:

    Purchased goods = $381,000

    Beginning inventory = $65,000

    A count of its ending inventory determined that goods on hand was $51,000.

    To calculate the cost of goods sold, we need to use the following formula:

    COGS = beginning finished inventory + cost of goods manufactured - ending finished inventory

    COGS = 65,000 + 381,000 - 51,000

    COGS = $395,000
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