A small gift shop has a beginning inventory that is valued at $8,500. If the additional inventory detailed in the box is purchased, and the ending inventory is valued at $1,500 after a certain period, what is the cost of goods sold over this period? Additional Inventory Purchased Item Cost Units Total puzzles $15.00 12 $180.00 shirts $18.00 15 $270.00 key chains $5.50 14 $77.00 Cost of Goods Sold = [?] Round to the nearest hundredth.

A small gift shop has a beginning inventory that is valued at $8,500. If the additional inventory detailed in the box is purchased, and the ending inventory is valued at $1,500 after a certain period, what is the cost of goods sold over this period? Additional Inventory Purchased Item Cost Units Total puzzles $15.00 12 $180.00 shirts $18.00 15 $270.00 key chains $5.50 14 $77.00 Cost of Goods Sold = [?] Round to the nearest hundredth.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter12: Current Liabilities

Section: Chapter Questions

Problem 3PA: Review the following transactions, and prepare any necessary journal entries for Renovation Goods....

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