You know these facts about a companys prior calendar year

Posted By Admin @ September 03, 2022

Question:

You know these facts about a company’s prior calendar year: Beginning inventory: 100 units at $10 each. Ending inventory: 50 units at $9 each. Inventory purchased for resale during the year: $2,000. What can you calculate using this information?

Answer:

The item that can be calculated using this information is cost of goods sold.

What is cost of goods sold?

Cost of Goods Sold (COGS) is what measure the direct cost incurred in the production of any goods or services. it is the cost of acquiring or manufacturing the products that a company sells during a period.

Cost of goods sold includes

  1. The expenses of buying and preparing an item for sale
  2. It is used to figure gross profit.
  3. It is an expense reported on the income statement and it is also called cost of sales.

Hence, the item that can be calculated using this information is cost of goods sold.

Learn more about cost of goods sold here : brainly.com/question/24561653

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