Description
A SMALL BUSINESS HAD A STARTING INVENTORY OF $13,000 AND AN ENDING INVENTORY OF $10,000. DURING THE ACCOUNTING PERIOD, THE COMPANY PURCHASED $8,000 IN NEW INVENTORY. WHAT IS THE COST OF GOODS SOLD FOR THE COMPANY
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Explanation & Answer
Thank you for the opportunity to help you with your question! Hi, He observes that work expands so as to fill the time available for its completion.
Opening stock 13000
add purchases 8000
less closing stock (10000)
sales = 13000+8000-10000 = $ 11000
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