ion below and considering that this company did not pay any money to its suppliers during the year, what is the company's cost of goods sold for 2015?...
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Based on the information below and considering that this company did not pay any money to its suppliers during the

year, what is the company's cost of goods sold for 2015? Assume that the only source of Accounts Payable is the purchase of inventory on credit.


1/1/2015 12/31/2015

Inventory $57,380 $68,540

Accounts payable     $78,000 $189,160



Select one:

a. $88,840

b. The answer cannot be determined with the information provided

c. $11,160

d. $100,000


Based on the information below and considering that this company paid $100,000 in cash to its suppliers during the year, what is the company's cost of goods sold for 2015? Assume that the only source of Accounts Payable is the purchase of inventory on credit. 


1/1/2015 12/31/2015

Inventory $122,400 $123,500

Accounts payable     $54,000 $0

Select one:

a. $45,800

b. None of these

c. $1,100

d. $54,200

Top Answer

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Other Answers

Formula of cost of goods sold = Purchase during the period less increase in ending inventory Here Purchase during the year =... View the full answer

Snag_59802fc6.png

Purchase
111160
Less:
+
Increase in ending inventory
-11160
Cost of Goods Sold
100000
Purchase
46000
Less:
Increase in ending inventory
-1100
Cost of Goods Sold
44900

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