Question

At the beginning of January 2017, a company reported inventory of $4,000. During the month, the company made purchases of $17,800. On January 31, 2017, a physical count of inventory reported $4,200 on hand. Find the cost of goods sold for the month. A : $17,600 B : $18,000 C : $21,800 D : $17,800

Answer 1

Option A. 17600

Step-by-step explanation:

Cost Of Goods Sold: $

Opening Inventory at the start of the month ( 1st Jan 2017) 4000

Add:Purchases 17800

Less:Closing Inventory at the end of the month ( 31st Jan 2017) (4200)

Cost of goods sold for the month 17600