Chicago Steel's operating activities for the year are listed below. What is the cost of goods available for sale?
A)$1,400,000
B)$750,000
C)$50,000
D)$1,750,000

Question

Chicago Steel's operating activities for the year are listed below.  What is the cost of goods available for sale?
A)$1,400,000 
B)$750,000 
C)$50,000 
D)$1,750,000

Quizplus · Accepted Answer

The cost of goods available for sale is the sum of beginning inventory and purchases during the year. From the information provided in the question, we can see that the beginning inventory was $750,000 and there were purchases of $1,000,000. Therefore, the cost of goods available for sale is $1,750,000.

Chicago Steel's Operating Activities for the Year Are Listed Below