Question

Robbinsdale, Inc. is a merchandiser of stone ornaments. The company sold 8,000 units during the year. The company has provided the following information:Sales Revenue $593,000Purchases (excluding freight in) 300,000Selling and Administrative Expenses 66,000Freight In 15,000Beginning Merchandise Inventory 46,000Ending Merchandise Inventory 43,000What is the cost of goods available for sale for the year?

Answer 1

cost of goods available for sale= $361,000

Step-by-step explanation:

Giving the following information:

The company sold 8,000 units during the year. The company has provided the following information:

Sales Revenue $593,000

Purchases (excluding freight in) 300,000

Selling and Administrative Expenses 66,000

Freight In 15,000

Beginning Merchandise Inventory 46,000

Ending Merchandise Inventory 43,000

Cost of goods available for sale= beginning inventory + purchases

Cost of goods available for sale= 46000 + (300000+15000)= $361000