Question

At the beginning of 2015, bryers incorporated reports inventory of $6,500. during 2015, the company purchases additional inventory for $21,500. at the end of 2015, the cost of inventory remaining is $8,500. calculate cost of goods sold for 2015.

Answer 1

cost of goods sold=
beginning inventory+purchase-ending inventory

cost of goods sold
=6,500+21,500−8,500
=19,500

Answer 2

The cost of goods sold for 2015 is $19,500.

The cost of goods sold is the cost of the inventories that was sold by a company in a given period. It can be determined by subtracting the ending inventory from the sum of beginning inventory and purchases.

Cost of goods sold = (beginning inventory + purchases) - ending inventory

($6,500 + $21,500) - $8500

$28,000 - $8,500

= $19,500

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