Company X sells widgets. The following information summarizes the company's operating activities for the year: What is cost of goods sold?
A)$9300
B)$6500
C)$8100
D)$13,700

Name: Company X sells widgets. The following information summarizes the company's operating activities for the year: What is cost of goods sold? A)$9300 B)$6500 C)$8100 D)$13,700
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Question

Company X sells widgets. The following information summarizes the company's operating activities for the year:  What is cost of goods sold?
A)$9300 
B)$6500 
C)$8100 
D)$13,700

Quizplus · Accepted Answer

Cost of goods sold is calculated as beginning inventory plus purchases minus ending inventory, which is ($500 + $8,900 - $900) = $8,500.

Company X Sells Widgets