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Homework answers / question archive / The following information is available for Excelsior Corp for 2020: Payment for goods during year $104,000 Accounts payable, beginning 14,000 Inventory, beginning 28,000 Accounts payable, ending 12,600 Inventory, ending 16,200 Cost of goods sold for 2020 is $102,600
The following information is available for Excelsior Corp for 2020:
|
Payment for goods during year |
$104,000 |
|
|
Accounts payable, beginning |
14,000 |
|
|
Inventory, beginning |
28,000 |
|
|
Accounts payable, ending |
12,600 |
|
|
Inventory, ending |
16,200 |
Cost of goods sold for 2020 is
$102,600.
$105,400.
$114,400.
$132,000.
Answer:
Cost of goods sold for 2020 is
$114,400.
| Step-1:Calculation of purchase during the year | |
| Payments for goods during the year | 1,04,000 |
| Add accounts payable, ending | 12,600 |
| Less acounts payable, beginning | 14,000 |
| Purchase during the year | 1,02,600 |
| Step-2:Calculation of cost of goods sold | |
| Inventory, beginning | 28,000 |
| Add purchase during the year | 1,02,600 |
| Cost of goods available for sale | 1,30,600 |
| Less Inventory, ending | 16,200 |
| Cost of goods sold | 1,14,400 |
