a small gift shop has a beginning inventory that is valued at $8,100. if the additional inventory detailed…

a small gift shop has a beginning inventory that is valued at $8,100. if the additional inventory detailed in the box is purchased, and the ending inventory is valued at $1,100 after a certain period, what is the cost of goods sold over this period?\nadditional inventory purchased\nitem cost units total\npuzzles $15.00 12 $180.00\nshirts $18.00 15 $270.00\nkey chains $5.50 14 $77.00\ncost of goods sold = $?

a small gift shop has a beginning inventory that is valued at $8,100. if the additional inventory detailed in the box is purchased, and the ending inventory is valued at $1,100 after a certain period, what is the cost of goods sold over this period?\nadditional inventory purchased\nitem cost units total\npuzzles $15.00 12 $180.00\nshirts $18.00 15 $270.00\nkey chains $5.50 14 $77.00\ncost of goods sold = $?

Answer

Explanation:

Step1: Calculate total additional inventory

Add up the totals of additional - inventory items: $180 + 270+77=$527$.

Step2: Use the cost - of - goods - sold formula

The formula for cost of goods sold (COGS) is COGS = Beginning Inventory+Additional Inventory - Ending Inventory. Beginning inventory is $$8100$, additional inventory is $$527$, and ending inventory is $$1100$. So, COGS=$8100 + 527-1100$. First, $8100+527 = 8627$. Then, $8627-1100=$7527$.

Answer:

$7527$