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During the year Comer, Inc., had $200,000 in goods available for sale. At the end of the accounting period it had an ending inventory of $40,000. This reveals that it had sold all but ____ worth of the available goods.

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Answer:

$40,000

Explanation:

Goods available for sale = $200,000

Ending inventory             = $   40,000

Goods sold                      = $ 160,000

It means Comer, Inc. had sold $160,000 worth of goods. The company still had $40,000 worth of the available goods, and it is also called ending inventory. Ending inventories are those items which can be used for the following year as beginning inventory.

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