The cost of goods available for sale consists of which two elements?
A) the cost of beginning inventory and the cost of ending inventory
B) the cost of ending inventory and the cost of goods purchased during the year
C) the cost of beginning inventory and the cost of goods purchased during the year
D) the difference between the costs of goods purchased and the cost of goods sold during the year

Question

Quizplus · Accepted Answer

The cost of goods available for sale is calculated by adding the cost of beginning inventory to the cost of goods purchased during the year. This sum represents all the goods that were available for sale during the period.

The Cost of Goods Available for Sale Consists of Which