Question

a company using the periodic inventory system has inventory costing $210 on hand at the beginning of a period. during the period, merchandise costing $635 is purchased. at year-end, inventory costing $160 is on hand. the cost of goods sold for the year is a.$795 b.$635 c.$685 d.$265

Answer 1

The cost of good sold is $685. The appropriate response is option C.

What is cost of good sold?

The total sum that your company spent on expenses directly associated with the selling of goods is known as the cost of goods sold. Depending on the nature of your firm, this could also include raw materials, packaging, direct labor involved in making or selling the product, and items bought for resale.

In order to compute cost of goods sold (COGS), one must first determine the value of inventory at the start of the period, then add the cost of any new inventory acquired throughout the period, and then deduct the value of inventory held at the end of the period.

inventory at the beginning = $210

Purchases= $635

Year end inventory = $160

$210+ $635 - $160 = $685

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