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Home Q & A Board Other Fields Homework Help Business Accounting
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emma.locke16 emma.locke16
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6 years ago
Destiny Industries reports beginning inventory of $256,000 purchases of $560,000, and ending inventory of $200,000. What is the cost of goods sold?
A) $816,000
B) $504,000
C) $616,000
D) $1,016,000
Textbook 
Intermediate Accounting

Intermediate Accounting


Edition: 1st
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wrote...
#1
6 years ago
 C
Explanation:  Beginning Inventory $256,000 + Purchases $560,000 = Cost of Goods Available for Sale $816,000
Cost of Goods Available for Sale $816,000-  Ending Inventory $200,000 = Cost of Goods Sold $616,000
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