A company is closing out the accounting period. The inventory balance at the beginning of the...

Question:

A company is closing out the accounting period. The inventory balance at the beginning of the period was $222,750, and at the end of the period was $215,600. Purchases of goods for resale during the period equaled $682,500. What was the cost of goods sold total?

A. $682,500

B. $689,650

C. $675,350

D. $905,250

Cost of Goods Sold:

One of the items that appear on the income statement of firms is the cost of goods sold. It is the amount of cost of the products sold during the period. It reduces sales to calculate gross profit.

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Cost of Goods Sold on an Income Statement: Definition & Formula

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Chapter 2 / Lesson 10
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Learn the definition of the cost of goods sold and the formula used to calculate it. Also, learn how the cost of goods sold is calculated using examples.


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