Help please and can provide correct answer ### Determining the Cost of Goods Sold for a Gift Shop**Scenario:**A small gift shop has a beginning inventory valued at $8,700. Additional inventory is purchased as detailed in the table below. After a certain period, the ending inventory is valued at $1,700. We need to determine the cost of goods sold (COGS) over this period.#### Additional Inventory Purchased| Item | Cost | Units | Total ||------------|-------|-------|---------|| Puzzles | $15.00| 10 | $150.00 || Shirts | $18.00| 15 | $270.00 || Key chains | $5.50 | 20 | $110.00 |#### Calculation Steps:1. **Calculate the total value of additional inventory purchased:** - Puzzles: 10 units * $15.00/unit = $150.00 - Shirts: 15 units * $18.00/unit = $270.00 - Key Chains: 20 units * $5.50/unit = $110.00 - **Total additional inventory purchased:** $150.00 + $270.00 + $110.00 = $530.002. **Calculate the total cost of inventory available for sale:** - Beginning inventory: $8,700.00 - Additional inventory purchased: $530.00 - **Total inventory available:** $8,700.00 + $530.00 = $9,230.003. **Calculate the Cost of Goods Sold (COGS):** - Ending inventory: $1,700.00 - COGS = Total inventory available - Ending inventory - **COGS:** $9,230.00 - $1,700.00 = $7,530.00Hence, the Cost of Goods Sold (COGS) for the period is **$7,530.00** (rounded to the nearest hundredth).### Interactive Feature:There is a text box provided for the user to enter the calculated cost of goods sold and an "Enter" button to submit the answer.*This exercise helps in understanding how to calculate the Cost of Goods Sold using beginning inventory, purchases, and ending inventory values.**Copyright © 2003 - 2022 International Academy of Science. All Rights Reserved.*

Cost of goods sold (COGS) : Cost of goods sold means the expenses incurred for the producing of the…

A small gift shop has a beginning inventory that is valued at $8,700. If the additional inventory detailed in the box is purchased, and the ending inventory is valued at $1,700 after a certain period, what is the cost of goods sold over this period? Additional Inventory Purchased Item Cost Units Total puzzles $15.00 10 $150.00 shirts $18.00 15 $270.00 key chains $5.50 20 $110.00 Cost of Goods Sold = [?] Round to the nearest hundredth.

A small gift shop has a beginning inventory that is valued at $8,700. If the additional inventory detailed in the box is purchased, and the ending inventory is valued at $1,700 after a certain period, what is the cost of goods sold over this period? Additional Inventory Purchased Item Cost Units Total puzzles $15.00 10 $150.00 shirts $18.00 15 $270.00 key chains $5.50 20 $110.00 Cost of Goods Sold = [?] Round to the nearest hundredth.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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