Sands Company sold goods with a total selling price of $800,000 during the year. It purchased goods for $380,0?

Here is the full question: Sands Company sold goods with a total selling price of $800,000 during the year. It purchased goods for $380,000 and had beginning inventory of $67,000. A count of its ending inventory determined that goods on hand was $50,000.

What was its cost of goods sold?

2 Answers

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  • JKRB
    Lv 7
    6 years ago
    Favorite Answer

    Beg. Inv. + Purchases - End. Inv. = COGS

    67,000 + 380,000 - 50,000 = $397,000

    Sales are irrelevant for this question

    Source(s): Accounting Fan
  • renzi
    Lv 4
    3 years ago

    Sold Goods

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