Chapter 5, Problem 5.12E

To determine

Cost of goods sold: It indicates the costs involved for the inventory sold by the business in a specific period of time. Its mathematical representation is as below:

$\boxed{\text{Cost of Goods Sold}=\left[\begin{array}{l}\left(\text{Beginning Inventory}+\text{Cost}\text{of Goods}\text{Purchased}\right)\\ –\text{Ending Inventory}\end{array}\right]}$

To Compute: The amount of cost of goods sold.