Accounting for IGCSE & O level - Final Statements (Section 9 - No. 29)

If a company has an opening inventory of $10,000, purchases of $30,000, and a closing inventory of $5,000, what is the cost of goods sold?

$25,000

$35,000

$45,000

$15,000

COGS = Opening Inventory + Purchases - Closing Inventory = $10,000 + $30,000 - $5,000 = $35,000.