Question 6 5 pts The following information is available fo r

Question 6 5 pts The following information is available fo r Betty DeRose, Inc.: ecember 31, 2021 Accounts payable $50,000 Inventory $74,000 January 1, 2021 $65,000 $82,000 Betty DeRose reported $130,000 of cash pa id to suppliers for purchases of inventory in its 2021 cash f low statement. Calculate Betty\'s cost of goods sold for 2021.

Solution

Calculation of Cost of good slod

Cost of Goods Sold = Opening Inventory + purchases - Closing inventory

=74000 + [130,000 + (65000-50,000)] - 82000

=74000+145000-82000

=$137,000