Colton Inc. is a merchandising company. Last month, the company's cost of goods sold was $85,600. The company's beginning merchandise inventory was $18,200, and its ending merchandise inventory was $30,500. What was the total amount of the company's merchandise purchases for the month?
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Colton Inc. is a merchandising company. Last month, the company's cost of goods sold was $85,600. The company's beginning merchandise inventory was $18,200, and its ending merchandise inventory was $30,500. What was the total amount of the company's merchandise purchases for the month?
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- Huxley's Toy Store has $2,805 of inventory on hand at the beginning of the month. During the month, the company buys $20,860 of merchandise and sells merchandise that had cost $17,941. At the end of the month, how much inventory should be on hand?In April, Holderness Incorporated, a merchandising company, had sales of $286,000, selling expenses of $20,500, and administrative expenses of $31,500. The cost of merchandise purchased during the month was $168,000. The beginning balance in the merchandise inventory account was $40,500 and the ending balance was $54,500 Required: Prepare a traditional format income statement for April. Holderness Incorporated For the month of April Traditional Format Income Statement Sales Cost of goods sold Gross margin Selling and administrative expenses Selling expense Administrative expense $ 20,500 31,500 5 286.000 154.000 132.000 52.000 $ 80,000 4What is the cost of goods sold?