Homework SourseBased on the information below and considering that this com
Based on the information below and considering that this company paid $213,500 in cash to its suppliers during the year, what is the company\'s cost of goods sold for 2015? Assume that the only source of Accounts Payable is the purchase of inventory on credit.
Select one:
a. $81,160
b. $270,340
c. $282,500
d. None of these
| 1/1/2015 | 12/31/2015 | |
|---|---|---|
| Inventory | $122,400 | $134,560 |
| Accounts payable | $54,000 | $123,000 |
Solution
Answer
B ) 270340
cost of goods sold
beginning inventory = 122400
add ; purchase = 282500
less ; closing stock = 134560
cost of goods sold = 270340
