Answered: If beginning inventory is $10,000,…

If beginning inventory is $10,000, purchases are $90,000 and ending inventory is $30,000, what is cost of goods sold? Group of answer choices $60,000 $100,000 $130,000 $70,000

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter6: Cost Of Goods Sold And Inventory

Section: Chapter Questions

Problem 7MCQ

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Question

If beginning inventory is $10,000, purchases are $90,000 and ending inventory is $30,000, what is cost of goods sold?

Group of answer choices

$60,000

$100,000

$130,000

$70,000

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