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A company's beginning inventory is $20,0, purchases for a period are $240,0, and ending inventory is $30,0. How much is cost of goods sold?

a.$220,0 b. $230,0 c. $250,0 d.290,0 e.$240,0

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Question added by SREEDEVI SUNILKUMAR , Business finance officer , Emirates Airline
Date Posted: 2014/04/20
Muhammad Akram Shahzad Mughal
by Muhammad Akram Shahzad Mughal , Assist. Manager Inventory & Warehouse , KahrPlast Co.

opening20+ purchase240-cl30=Cost of Good sold will be230$

Deleted user
by Deleted user

(Beginning Inventory $20 + Purcahses $240) - Ending Inventory $30= cost of goods sold $230

therefore it must be B

Divyesh Patel
by Divyesh Patel , Assistant Professional Officer- Treasury , City Of Cape Town

Anser is B

Umer Aziz
by Umer Aziz , Senior Accountant , TERNA Bahrain Holding - GEK Group (www.terna.gr)

Opening Inv+Purchases-Closing Inv = CGS (230$)

Jed Adtogan
by Jed Adtogan , Storekeeper , Department of Education

The cost of Goods sold  is $230.00

Muhammad Ahsan
by Muhammad Ahsan , General Accountant , Emirates Hospitals Group

b.230

Umer Sharif
by Umer Sharif , ERP Functional Consultant , BUSINESS TECHNOLOGY PVT LTD / AVEEROS PVT LTD

Cost of goods sold = Opening stock20 +net purchases240-Closing stock =230.

Nageswaraiah Mannem Mannem
by Nageswaraiah Mannem Mannem , Assistant , M/s Shalimar Automobiles

Cost of Goods Sold is230 dollars

Mark Angelo Damuag
by Mark Angelo Damuag , Financial Analyst , Evacare Management Consultancy Inc

The answer is letter b. $230.....

Mohsin Abbas
by Mohsin Abbas , Finance Manager , Saudi Power Transformers Company& CG Power Systems

Answer is $230

 

when using periodic method evaluation for inventory

Subrahmanyam Lingamallu
by Subrahmanyam Lingamallu , Accounting Director , Nadec

Cost is230,0

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