A sporting goods store purchased $7,600 of ski boots in October. The store had $3,600 of ski boots in inventory at the beginning of October, and expects to have $2,600 of ski boots in inventory at the end of October to cover part of anticipated November sales. What is the budgeted cost of goods sold for October?

a. $7,600.

b. $8,600.

c. $11,200.

d. $10,200.

e. $6,200.

Question

Timothy Kirk

Business

29 April, 13:30

A sporting goods store purchased $7,600 of ski boots in October. The store had $3,600 of ski boots in inventory at the beginning of October, and expects to have $2,600 of ski boots in inventory at the end of October to cover part of anticipated November sales. What is the budgeted cost of goods sold for October?

a. $7,600.

b. $8,600.

c. $11,200.

d. $10,200.

e. $6,200.

+2

Answers (1)

Know the Answer?

Jane Simmons · Answer 1

The budgeted cost of goods sold for October is b. $8,600

Explanation:

The budgeted cost of goods sold for October = The amount of goods sold in October = Inventory at the beginning of October + The amount of goods purchased in October - Inventory at the end of October

The store had $3,600 of ski boots in inventory at the beginning of October, and expects to have $2,600 of ski boots in inventory at the end of October. The store purchased $7,600 of ski boots in October.

The budgeted cost of goods sold for October = $3,600 + $7,600 - $2,600 = $8,600