Salvadore Inc., a local retailer, has provided the following data for the month

Question

Salvadore Inc., a local retailer, has provided the following data for the month of September:

  Merchandise inventory, beginning balance $  49,300     Merchandise inventory, ending balance $  44,200     Sales $260,700     Purchases of merchandise inventory $142,400     Selling expense $  20,100     Administrative expense $  60,100  
The cost of goods sold for September was: $137,300 $222,600 $142,400 $147,500 $137,300 $222,600 $142,400 $147,500 Salvadore Inc., a local retailer, has provided the following data for the month of September:

Explanation / Answer

Merchandise inventory, beginning balance $ 49,300

Add : Purchases of merchandise inventory $142,400

Less : Merchandise inventory, ending balance ($ 44,200)

----------------------------------------------------------

COGS $147,500.00

The cost of goods sold for September was:

$147,500

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