Ask Question
15 October, 15:12

Marigold Corp. sold goods with a total selling price of $809,700 during the year. It purchased goods for $390,100 and had beginning inventory of $66,800. A count of its ending inventory determined that goods on hand was $59,000. What was its cost of goods sold

+2
Answers (1)
  1. 15 October, 16:32
    0
    The correct answer is $397,900.

    Explanation:

    According to the scenario, the given data are as follows:

    Beginning inventory = $66,800

    Total selling price = $809,700

    Purchased goods = $390,100

    Ending inventory = $59,000

    So, we can calculate the cost of goods sold by using following formula:

    Cost of goods sold = Beginning Inventory + Purchases - Ending Inventory

    = $66,800 + $390,100 - $59,000

    = $397,900
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “Marigold Corp. sold goods with a total selling price of $809,700 during the year. It purchased goods for $390,100 and had beginning ...” in 📘 Business if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers