Answered

Welcome to Westonci.ca, the Q&A platform where your questions are met with detailed answers from experienced experts. Join our platform to connect with experts ready to provide accurate answers to your questions in various fields. Connect with a community of professionals ready to provide precise solutions to your questions quickly and accurately.

At the beginning of the year, Bryers Incorporated reports inventory of [tex]$\$[/tex] 7,700[tex]$. During the year, the company purchases additional inventory for $[/tex]\[tex]$ 22,700$[/tex]. At the end of the year, the cost of inventory remaining is [tex]$\$[/tex] 9,700$.

Calculate the cost of goods sold for the year.

[tex]\[
\text{Cost of Goods Sold} = \text{Beginning Inventory} + \text{Purchases} - \text{Ending Inventory}
\][/tex]

Sagot :

GinnyAnswer
To determine the Cost of Goods Sold (COGS) for Bryers Incorporated, we will need to follow a systematic approach using the given data. The formula for calculating COGS is:

[tex]\[ \text{COGS} = \text{Beginning Inventory} + \text{Purchases} - \text{Ending Inventory} \][/tex]

Let's break down each step:

1. Beginning Inventory: This is the inventory at the start of the year.
[tex]\[ \text{Beginning Inventory} = \$7,700 \][/tex]

2. Purchases: This is the cost of additional inventory purchased during the year.
[tex]\[ \text{Purchases} = \$22,700 \][/tex]

3. Ending Inventory: This is the cost of the inventory remaining at the end of the year.
[tex]\[ \text{Ending Inventory} = \$9,700 \][/tex]

Now, we substitute these values into our COGS formula:

[tex]\[ \text{COGS} = \$7,700 + \$22,700 - \$9,700 \][/tex]

Next, perform the addition and subtraction:

4. Add Beginning Inventory and Purchases:
[tex]\[ \$7,700 + \$22,700 = \$30,400 \][/tex]

5. Subtract Ending Inventory:
[tex]\[ \$30,400 - \$9,700 = \$20,700 \][/tex]

Therefore, the Cost of Goods Sold (COGS) for Bryers Incorporated for the year is:
[tex]\[ \boxed{\$20,700} \][/tex]

This is the final calculated value for the COGS.
We appreciate your time on our site. Don't hesitate to return whenever you have more questions or need further clarification. Thanks for stopping by. We strive to provide the best answers for all your questions. See you again soon. Thank you for visiting Westonci.ca, your go-to source for reliable answers. Come back soon for more expert insights.