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At the beginning of the year, Bennett Supply has inventory of $3,500. During the year, the company purchases an additional $12,000 of inventory. An inventory count at the end of the year reveals remaining inventory of $4,000. What amount will Bennett report for cost of goods sold?

User Stupac
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5 votes

Answer:

Cost of goods sold is $ 11,500

Step-by-step explanation:

cost of goods sold:

Opening stock: $3,500.00

Purchases: $12,000.00

Closing stock: $ 4,000.00

sales= Opening Stock+Purchases- Closing stock

=($3500+$12,000)-4000

$15,500-$4000= $11,500.00

Cost of goods sold= $11,500.00

User Evgeny Mamaev
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