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    jharsin's Avatar
    jharsin Posts: 8, Reputation: 1
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    #1

    Oct 13, 2007, 08:11 PM
    Accounting cost of goods sold
    A retail company has goods available for sale of 500,000 at retail and 200,000 at cost and ending inventory of 41000 at retail what is the estimated cost of goods sold?

    A 159000
    B 191800
    C 183000
    D 175400
    adiwsusanto's Avatar
    adiwsusanto Posts: 5, Reputation: 1
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    #2

    Mar 12, 2008, 02:50 AM
    a. Inventory is valued at cost & so does COGS. The first value in the sentence is just trying to confuse you on the concept. Profit is the different between values at retail - the COGS. So, to get the COGS is simple = 200,000 - 41,000.
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