Westbrook Electronics began the year with an inventory of $38,000. During the year, the company made purchases totaling $152,000. At year-end, the inventory was counted and found to be $41,000. What is the Cost of Goods Sold (COGS) for the year?

Westbrook Electronics began the year with an inventory of $38,000. During the year, the company made purchases totaling $152,000. At year-end, the inventory was counted and found to be $41,000. What is the Cost of Goods Sold (COGS) for the year?

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter4: Job Order Costing

Section: Chapter Questions

Problem 6EB: Langstons purchased $3,100 of merchandise during the month, and its monthly income statement shows a...

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Question

Can you help me solve this general accounting problem using the correct accounting process?

Westbrook Electronics began the year with an inventory of $38,000. During the
year, the company made purchases totaling $152,000. At year-end, the inventory
was counted and found to be $41,000.
What is the Cost of Goods Sold (COGS) for the year?

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