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College Accounting (Book Only): A ...

13th Edition
Scott + 1 other
ISBN: 9781337280570

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BuyFindarrow_forward

College Accounting (Book Only): A ...

13th Edition
Scott + 1 other
ISBN: 9781337280570
Textbook Problem

What is the difference between the cost of goods available for sale and the cost of goods sold?

To determine

Mention the term that indicates the difference between cost of goods available for sale and cost of goods sold.

Explanation

Cost of goods available for sale: Cost of goods available for sale is the total of cost of beginning inventory and the cost of inventory bought during the period.

Computation of cost of goods available for sale:

Cost of Goods Sold Available For Sale
Beginning inventory balance$XXX
Inventory bought during the periodXXX
Cost of goods available for sale$XXX

Table (1)

Cost of goods sold: The amount of cost of merchandise sold during a certain period is referred to as cost of goods sold...

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