Question

Your beginning food inventory was $26,000. You have purchased an additional $24,000 and have accepted $12,000 in transfers from other locations. In total, you sold $39,000 worth of food for the same time period. Your ending inventory is $29,000. What is your cost for the products sold during this period?

Answer 1

the cost for the products sold during this period is 130,000

Answer 2

Your beginning food inventory was $26,000.

You have purchased an additional $24,000 and have accepted $12,000 in transfers from other locations.

Total in hand inventory is or worth =
`26000+24000+12000=62000` dollars

Your ending inventory is $29,000.

So, the difference is cost of goods sold in that period is
`62000-29000=33000` dollars