a small gift shop has a beginning inventory that is valued at $10,500. if the additional inventory detailed…

a small gift shop has a beginning inventory that is valued at $10,500. if the additional inventory detailed in the box is purchased, and the ending inventory is valued at $1,500 after a certain period, what is the cost of goods sold over this period?\n\nadditional inventory purchased\n| item | cost | units | total |\n| puzzles | $15.00 | 10 | $150.00 |\n| shirts | $18.00 | 15 | $270.00 |\n| key chains | $5.50 | 20 | $110.00 |\n\ncost of goods sold = $?

a small gift shop has a beginning inventory that is valued at $10,500. if the additional inventory detailed in the box is purchased, and the ending inventory is valued at $1,500 after a certain period, what is the cost of goods sold over this period?\n\nadditional inventory purchased\n| item | cost | units | total |\n| puzzles | $15.00 | 10 | $150.00 |\n| shirts | $18.00 | 15 | $270.00 |\n| key chains | $5.50 | 20 | $110.00 |\n\ncost of goods sold = $?

Answer

Explanation:

Step1: Calculate total additional inventory

$150 + 270+110=$530$

Step2: Use cost - of - goods - sold formula

The formula for cost of goods sold (COGS) is COGS = Beginning inventory + Purchases - Ending inventory. Beginning inventory is $10500$, purchases are $530$ and ending inventory is $1500$. $COGS=10500 + 530-1500$ $COGS = 9530$

Answer:

$9530$