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Russell Retail Group begins the year with inventory of $65,000 and ends the year with inventory of $55,000. During the year, the company has four purchases for the following amounts. Purchase on February 17 $ 220,000 Purchase on May 6 140,000 Purchase on September 8 170,000 Purchase on December 4 420,000 Required: Calculate cost of goods sold for the year.

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Answer:

COGS= $960,000

Explanation:

Giving the following information:

Beginning inventroy= $65,000

Ending inventory= $55,000

Total Purchase=  220,000 + 140,000 + 170,000+ 420,000= $950,000

To calculate the cost of goods sold, we need to use the following formula:

COGS= beginning inventory + cost of goods purchased - ending inventory

COGS= 65,000 + 950,000 - 55,000

COGS= $960,000

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