At the beginning of the year, Bryers Incorporated reports inventory of $8,000. During the year, the company purchases additional inventory for $23,000. At the end of the year, the cost of inventory remaining is $10,000. Calculate cost of goods sold for the year.

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3 October, 09:51

At the beginning of the year, Bryers Incorporated reports inventory of $8,000. During the year, the company purchases additional inventory for $23,000. At the end of the year, the cost of inventory remaining is $10,000. Calculate cost of goods sold for the year.

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Meredith Villa · Answer 1

Cost of Goods sold is $21,000

Explanation:

Cost of goods sold is the actual cost of manufacturing or purchasing of a product which is sold during the period. It includes all the costs directly incurred in the production / purchase of the product.

Cost of goods sold

Beginning Inventory $8,000

add: Purchases for the period $23,000

Less: Closing Inventory $10,000

Cost of Goods sold $21,000