a small gift shop has a beginning inventory that is valued at $9,700. if the additional inventory detailed…

a small gift shop has a beginning inventory that is valued at $9,700. if the additional inventory detailed in the box is purchased, and the ending inventory is valued at $1,600 after a certain period, what is the cost of goods sold over this period? additional inventory purchased item cost units total puzzles $15.00 10 $150.00 shirts $18.00 15 $270.00 key chains $5.50 20 $110.00 cost of goods sold = $?

a small gift shop has a beginning inventory that is valued at $9,700. if the additional inventory detailed in the box is purchased, and the ending inventory is valued at $1,600 after a certain period, what is the cost of goods sold over this period? additional inventory purchased item cost units total puzzles $15.00 10 $150.00 shirts $18.00 15 $270.00 key chains $5.50 20 $110.00 cost of goods sold = $?

Answer

Explanation:

Step1: Calculate total additional inventory cost

$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 $9700$, purchases (additional inventory) is $530$ and ending inventory is $1600$. $9700 + 530-1600$ $=10230 - 1600$ $=$8630$

Answer:

$8630$