The Cost of Goods sold is $37,000 The Right Response is Option E $60,000.
What is net sales?
The total of a company's net sales is its gross sales less any returns, allowances, and discounts.
Given that the beginning inventory is $7000.
Company invests on purchases is $35,000.
The ending inventory is $5,000.
We know that,
Cost of goods sold = Beginning inventory + purchases - Ending inventory
Now substituting the value of Beginning inventor, purchases and Ending inventory in the above equation:
Cost of goods sold = $7000 + 35,000 - $5,000
Cost of goods sold = $42,000 - $5,000
Cost of goods sold = $37,000
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