Resolved Question

How do you count the cost of good sold having only the following information?

Sales 71,000
Opening stock 32,000
Purchases 35,000
Closing stock 31,000

Best Answer - Chosen by Asker

cost of goods sold - $36,000, which is opening stock of 32k plus 35k purhcases minus 31k closing stock. In other words, as 31k inventory remains unsold, 36k stock has been sold which is from the opening stock and purchse during the yr

There are currently no comments for this question.

Other Answers (1)

• the "sales" is not necessarily accurate.
  
  opening 32, [purchasing] buying 35--67k were available for sale
  had 31 left at the end, so I sold 56k.
  
  U need to know your margin.
  or, sales minus closing = 40k