Russell Retail Group begins the year with inventory of $58,000 and ends the year

Question

Russell Retail Group begins the year with inventory of $58,000 and ends the year with inventory of $48,000. During the year, the company has four purchases for the following amounts.

Required:

Calculate cost of goods sold for the year.

Russell Retail Group begins the year with inventory of $58,000 and ends the year with inventory of $48,000Dring the year, the company has four purchases for the following amounts. Purchase on February 17 Purchase on May 6 Purchase on September 8 Purchase on December 4 213,000 133,000 163,000 413,000 Required: Calculate cost of goods sold for the year. Beginning inventory Add: Purchases Cost of goods available for sale 58,000 Cost of goods sold

Explanation / Answer

Calculate cost of goods sold :

Beginning inventory 58000 Add: Purchase 922000 Cost of goods available for sale 980000 Less: Ending inventory -48000 Cost of goods sold 932000

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