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18 June, 05:29

MC Qu. 86 A sporting equipment store expects to ... A sporting equipment store expects to purchase $8,500 of ski boots in October. The store had $2,500 of ski boots in merchandise inventory at the beginning of October, and expects to have $1,500 of ski boots in merchandise inventory at the end of October to cover part of anticipated November sales. What is the budgeted cost of goods sold for October

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  1. 18 June, 08:53
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    Budgeted COGS for october is $9500

    Explanation:

    The cost of goods sold is the total cost incurred for inventory that relates to a particular sale. The cost of goods sold is calulated using the simple formula,

    Cost of Goods Sold

    Opening Inventory

    Add: Purchases

    Less: Closing Inventory

    For the month of October, The Cost of goods sold will be,

    Cost of Goods Sold

    Opening Inventory 2500

    Add: Purchases 8500

    Less: Closing Inventory (1500)

    COGS 9500
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