During the year Comer, Inc., had $200,000 in goods available for sale. At the end of the accounting period it had an ending inventory of $40,000. The cost of goods sold by Comer was therefore
A) $200,000.
B) $160,000.
C) $40,000.
D) $20,000.
E) $10,000.

Question

Quizplus · Accepted Answer

The cost of goods sold is calculated as the difference between the cost of goods available for sale and the ending inventory. Therefore, the cost of goods sold for Comer, Inc., is $200,000 - $40,000 = $160,000. The correct choice is B.

During the Year Comer, Inc