baltimore company's january 1,2020 finished goods inventory was $95,000. the january 1, 2021 finished goods inventory is $90,000. Cost of goods purchased for resale FY 2020 was $300,000. Use this information to determine the dollar amount of FY 2020 cost of goods sold.

Question

contestada

Respuesta :

ACCESS MORE

abiolataiwo2015 abiolataiwo2015 · Answer 1 · 2022-02-02T12:04:58+01:00

Based on the information given the dollar amount of FY 2020 cost of goods sold is $305,000.

Using this formula

Cost of goods sold=Opening finished goods inventory+Cost of goods purchased-Closing finished goods inventory

Where:

Opening finished goods inventory=$95,000

Cost of goods purchased=$300,000

Closing finished goods inventory=$90,000

Let plug in the formula

Cost of goods sold=$95,000+$300,000-$90,000

Cost of goods sold=$305,000

Inconclusion the dollar amount of FY 2020 cost of goods sold is $305,000.

Learn more about cost of goods sold here:https://brainly.com/question/24561653