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perpetual inventory system. At the beginning of the quarter, Mt. Rooster has $33,000 in inventory. During the quarter the company purchases $8,350 of new inventory from a vendor, returned $1,000 of inventory to the vendor, and took advantage of discounts from the vendor of $230. At the end of the quarter the balance in inventory is $28,000. What is the cost of goods sold

Respuesta :

Answer:

the cost of goods sold is $12,120

Explanation:

The computation of the cost of goods sold is shown below:

Cost of goods sold = Beginning Inventory  + inventory purchased   - inventory returned to vendor - Discount - remaining inventory in closing

= $33,000 + $8,350 - $1,000 - $230 - $28,000

= $12,120

Hence, the cost of goods sold is $12,120

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