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23 January, 08:31

At the beginning of the year, Bryers Incorporated reports inventory of $7,700. During the year, the company purchases additional inventory for $22,700. At the end of the year, the cost of inventory remaining is $9,700. Calculate cost of goods sold for the year.

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  1. 23 January, 08:48
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    Answer: $20,700

    Explanation:

    beginning inventory (X) = $7,700

    purchased additional inventory (Y) = $22,700

    ending inventory (Z) = $9,700

    So first, we have to calculate Cost of goods available for sale (A), we add beginning inventory (X) and purchased additional inventory (Y)

    A = X + Y

    A = 7,700 + 22,700

    Cost of goods available for sale (A) = 30,400

    NOW to get our Cost of goods sold for the year (B), we subtract ending inventory (Z) from cost of goods available for sale (A)

    B = A - Z

    B = 30,400 - 9,700

    B = 20,700

    therefore the cost of goods sold for the year is $20,700
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