Accounting for IGCSE & O level - Final Statements (Section 10 - No. 10)
If beginning inventory is $5,000, purchases are $20,000 and closing inventory is $2,000. What is the cost of goods sold?
$23,000
$13,000
$27,000
$17,000
Explanation
COGS = Beginning Inventory + Purchases - Closing Inventory. COGS = $5,000 + $20,000 - $2,000 = $23,000
Comments (0)
