Manning Company updates its inventory periodically.The company's beginning inventory was $2,700 and purchases were $5,600 during the year.The company's ending inventory count was $5,000.What was the amount of its cost of goods sold?
A) $3,300
B) $8,300
C) $13,300
D) $2,100

Question

Quizplus · Accepted Answer

Cost of Goods Sold (COGS) is calculated as: Beginning Inventory + Purchases - Ending Inventory. So, $2,700 + $5,600 - $5,000 = $3,300.

Manning Company Updates Its Inventory Periodically