a small gift shop has a beginning inventory that is valued at $8,320. if the additional inventory detailed…

a small gift shop has a beginning inventory that is valued at $8,320. if the additional inventory detailed in the box is purchased, and the ending inventory is valued at $1,840 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|10|$150.00|\n|shirts|$18.00|12|$216.00|\n|key chains|$5.50|16|$88.00|\n\ncost of goods sold = $?

a small gift shop has a beginning inventory that is valued at $8,320. if the additional inventory detailed in the box is purchased, and the ending inventory is valued at $1,840 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|10|$150.00|\n|shirts|$18.00|12|$216.00|\n|key chains|$5.50|16|$88.00|\n\ncost of goods sold = $?

Answer

Explanation:

Step1: Calculate total additional inventory

$150 + 216+88=$454$

Step2: Use cost - of - goods - sold formula

Cost of Goods Sold = Beginning Inventory + Additional Inventory - Ending Inventory $8320 + 454-1840$ $=8774 - 1840$ $=$6934$

Answer:

$6934$