During the year ended December 31, 2020, The Zuckerberg Company purchased inventory for $500 and reported sales revenue of $1,000. There was no beginning inventory, and the ending inventory balance is $200. What was cost of goods sold for the year?

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Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.