Chicago Steel's operating activities for the year are listed below. What is the cost of goods available for sale?
A)$1,401,200
B)$749,800
C)$49,500
D)$1,751,300

Question

Chicago Steel's operating activities for the year are listed below.  What is the cost of goods available for sale?
A)$1,401,200 
B)$749,800 
C)$49,500 
D)$1,751,300

Quizplus · Accepted Answer

To calculate the cost of goods available for sale, we need to add the beginning inventory and purchases. Beginning inventory is not given, so we can assume it to be $0. Therefore, cost of goods available for sale = purchases = $1,751,300.

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