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Determine cost of goods sold for X-mart, assuming that beginning inventory was $5,000. Net purchases were $20,000 and ending inventory was $9,000. Multiple choice question. $16,000 $24,000 $20,000 $6,000 g

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Ritmeks

Answer:

$16,000

Explanation:

Beginning inventory is $5,000

Net purchases is $20,000

Ending inventory is $9,000

Therefore the cost of goods sold can be calculated as follows

= (5,000+20,000)-9,000

= 25,000-9,000

= 16,000

Hence the cost of goods sold is $16,000

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