Question

at the beginning of the year, albertson incorporated reports inventory of $6,600. during the year, the company purchases additional inventory for $21,600. at the end of the year, the cost of inventory remaining is $8,600. calculate cost of goods sold for the year.

Answer 1

To calculate the cost of goods sold for the year, subtract the ending inventory from the sum of the beginning inventory and the purchases. In this case, the cost of goods sold is $19,600.

Step-by-step explanation:

To calculate the cost of goods sold for the year, we need to subtract the ending inventory from the sum of the beginning inventory and the purchases. In this case, the beginning inventory is $6,600 and the purchases are $21,600. To find the cost of goods sold, we can use the following equation:

Cost of Goods Sold = Beginning Inventory + Purchases - Ending Inventory

Plugging in the values, we get:

Cost of Goods Sold = $6,600 + $21,600 - $8,600

Simplifying the equation, we find that the cost of goods sold for the year is $19,600.