a small gift shop has a beginning inventory that is valued at $7,300. if the additional inventory detailed…

a small gift shop has a beginning inventory that is valued at $7,300. if the additional inventory detailed in the box is purchased, and the ending inventory is valued at $1,250 after a certain period, what is the cost of goods sold over this period?\n\n|additional inventory purchased|\n|----|----|----|----|\n|item|cost|units|total|\n|puzzles|$15.00|14|$210.00|\n|shirts|$18.00|16|$288.00|\n|key chains|$5.50|18|$99.00|\n\ncost of goods sold = $?

a small gift shop has a beginning inventory that is valued at $7,300. if the additional inventory detailed in the box is purchased, and the ending inventory is valued at $1,250 after a certain period, what is the cost of goods sold over this period?\n\n|additional inventory purchased|\n|----|----|----|----|\n|item|cost|units|total|\n|puzzles|$15.00|14|$210.00|\n|shirts|$18.00|16|$288.00|\n|key chains|$5.50|18|$99.00|\n\ncost of goods sold = $?

Answer

Explanation:

Step1: Calculate total additional inventory

$210 + 288+99=$597$

Step2: Use cost - of - goods - sold formula

The formula for cost of goods sold (COGS) is COGS = Beginning Inventory+Additional Inventory - Ending Inventory. $7300 + 597-1250$ $=7897 - 1250$ $=$6647$

Answer:

$6647$