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at the beginning of the year, albertson incorporated reports inventory of $7,400. during the year, the company purchases additional inventory for $22,400. at the end of the year, the cost of inventory remaining is $9,400. calculate cost of goods sold for the year.

Respuesta :

According to the given statement at the beginning of the year cost of goods sold was $20,400.

Who or what are purchases?

A purchase is when someone pays a predefined sum of money in order to effectively complete the transaction and obtain control of a specific asset, property, item, or right. To put it another way, it's an exchange of cash for a certain commodity or service..

BRIEFING:

Beginning inventory was selected as the correct answer ($7,400), purchases were selected as the correct answer $22,400), cost of goods available for sale was selected as the correct answer ($29,800), and ending inventory was selected as the correct answer $9,400.), cost of goods sold was selected as the correct answer ($20,400).

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