Question

Oriole Company sold goods with a total selling price of $809,600 during the year. It purchased goods for $393,200 and had beginning inventory of $68,400. A count of its ending inventory determined that goods on hand was $51,200. What was its cost of goods sold

Answer 1

$410,400

Step-by-step explanation:

Cost of goods sold = Beginning inventory + Purchases - Ending inventory

Cost of goods sold = $68,400 + $393,200 - $51,200

Cost of goods sold = $410,400

So, its amount of cost of goods sold is $410,400.