Question

Seasons has sales of 69,000, beginning inventory of 13,000, purchases of 44,000, and ending inventory of 11,000. The cost of goods sold is________.

Answer 1

The cost of goods sold for Seasons, calculated by the formula Beginning Inventory plus Purchases minus Ending Inventory, is $57,000.

Step-by-step explanation:

The cost of goods sold (COGS) is calculated by taking the beginning inventory, adding the purchases, and subtracting the ending inventory. In this case, the beginning inventory is $13,000, purchases are $44,000, and the ending inventory is $11,000. Using the formula, the calculation is as follows:

COGS = Beginning Inventory + Purchases - Ending Inventory

COGS = $13,000 + $44,000 - $11,000

COGS = $57,000

Therefore, the cost of goods sold for Seasons is $57,000.