# A company started the year with 10 000 of inventory

Posted By Admin @ September 03, 2022

#### Question:

A company started the year with \$10,000 of inventory. Purchases for resale during the year were \$20,000. Inventory on December 31 is \$5,000. What's the cost of goods sold

The inventory indicates that the cost of goods sold will be \$25000.

### How to calculate the cost of goods sold

It should be noted that the cost of goods sold ic calculated through the formula:

= Opening inventory + Purchases - Closing inventory

= \$10000 + \$20000 - \$5000

= \$25000

Therefore, the cost of goods sold is \$25000.

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