Ask Experts Questions for FREE Help !
    carma99's Avatar
    carma99 Posts: 1, Reputation: 1
    New Member

    May 31, 2015, 04:11 PM
    How to calculate cost of goods sold
    Inventory 1st January = $19,400
    Inventory 31st December = $26,660
    Sales for the year = $155,880

    who do you calculate the cost of goods sold?
    jerileycpa's Avatar
    jerileycpa Posts: 27, Reputation: 2
    Certified Public Accountant

    Jun 1, 2015, 03:37 PM
    Cost of goods sold is calculated as follows:

    Beginning inventory + purchases - ending inventory = COGS

    Your sales for the year is not a factor.

Not your question? Ask your question View similar questions


Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.

Check out some similar questions!

Schedule Cost of goods manufactured and cost of goods sold [ 10 Answers ]

I am taking my first class in Accounting and I am having difficulties with my homework. I have the following problem, that I have done in several ways and I always get an answer that is greater that the correct one. These are the figures (in thousands of dollars): Direct Labor Cost: $10,500...

Calculate cost of goods sold, ending inventory, & gross profit for LIFO, FIFO & [ 1 Answers ]

Hello, I have tried this example several times but do not seem to get the correct answer . I would appreciate your help with this one. Thanks: Twin Co. is a retailer operating which uses the perpetual inventory method. All sales returns from customers result in the goods being returned to...

How do I calculate the cost of goods sold for the obsorption income statement [ 0 Answers ]

During the first month of operations ended May 31, 2012, Dorm Fridge Company manufactured 12,300 microwaves, of which 11,700 were sold. Operating data for the month are summarized as follows: Sales $1,930,500 Manufacturing costs: Direct materials $959,400 Direct labor...

How do I calculate cost of goods sold in the Temporary staffing industry? [ 2 Answers ]

How do I calculate cost of goods sold in the staffing industry?

View more questions Search