Question

Your funeral home has $18,000 of casket and urn inventory at the end of June. During July, you purchase an additional $8000 of caskets. Remaining inventory at the end of the month is $12,500, Assuming no allowances, what is your Cost of Goods Sold for July?

Answer 1

The Cost of Goods Sold for July is $5,500.

Step-by-step explanation:

To calculate the Cost of Goods Sold in July, we need to determine the cost of inventory sold during the month. We can start by subtracting the remaining inventory at the end of July ($12,500) from the total inventory at the end of June ($18,000). This gives us the cost of inventory sold in July, which is $5,500.