At the beginning of the year Bryers Incorporated reports inv

At the beginning of the year, Bryers Incorporated reports inventory of $6,300. During the year, the company purchases additional inventory for $21,300. At the end of the year, the cost of inventory remaining is $8,300. Calculate cost of goods sold for the year.

Solution

Solution: Cost of goods sold for the year $19,300 Working Notes: Beginning inventory $6,300 a Add: Purchases $21,300 b Cost of goods available for sale $27,600 c=a+b Less: Ending inventory $8,300 d Cost of goods sold $19,300 e=c-d Please feel free to ask if anything about above solution in comment section of the question.