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At the beginning of January 2017, a company reported inventory of $4,000. During the month, the company made purchases of $17,800. On January 31, 2017, a physical count of inventory reported $4,200 on hand. Find the cost of goods sold for the month. A : $17,600 B : $18,000 C : $21,800 D : $17,800

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erum123

Answer:

Option A. 17600

Explanation:

Cost Of Goods Sold:                                                                                 $

Opening Inventory at the start of the month ( 1st Jan 2017)           4000

Add:Purchases                                                                                        17800

Less:Closing Inventory at the end of the month ( 31st Jan 2017)    (4200)

Cost of goods sold for the month                                                         17600

                                                                                     

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