Chapter 1, Problem 13DQ

Harry Styles Supplies has a balanced day of 31December. On 1 January 2XX5, it had an opening inventory balance of $32,500. Harry Styles Supplies purchased $48,700 worth of goods for resale. On 31 December 2XX5, the closing inventory balance was $19,800. During the year, Harry Styles Supplies had sales of $68,000. What is the Cost of Goods Sold for Harry Styles Supplies for the period ending 31 December 2XX5?

Can you solve this general accounting problem using appropriate accounting principles?

I need guidance with this financial accounting problem using the right financial principles.