Answered: For the year, your company's gross…

For the year, your company's gross profit is $250,000, sales are $320,000, and ending inventory is $75,000. If net purchases are $100,000, then COGS is: a. $70,000 b. $95,000 c. $110,000 d. $130,000

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter5: The Income Statement And The Statement Of Cash Flows

Section: Chapter Questions

Problem 2MC: The following information is available for Cooke Company for the current year: The gross margin is...

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Question

Cogs ? Please solve

For the year, your company's gross profit is $250,000,
sales are $320,000, and ending inventory is $75,000. If
net purchases are $100,000, then COGS is:
a. $70,000
b. $95,000
c. $110,000
d. $130,000

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For the year, your company's sales are $305,000, the gross profit is $250,000, and the ending inventory is $75,000. If net purchases are $100,000, the beginning inventory must have been: a. $30,000 b. $55,000 c. $85,000 d. $120,000
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