Answer:
Cost of goods available for sale 344,000
Cost of goods sold 301,000
Explanation:
cost of goods available for sale :
Is the sum of all tehcost that the firm could have sold during the period.
Is the sum of beginning inventory (goods from prior periods) and the purchase done in the period
beginning inventory + purchase
beginnning inventory 44,000
purchase = 304,000
Cost of goods available for sale 344,000
Then, cost of goods available for sale - ending inventory = COGS
344,000 - 43,000 = 301,000 COGS
Answer:
The cost of goods available for sale for the year is $317,000
Explanation:
The computation of the cost of goods available for sale for the year is shown below by applying the formula:
= Beginning Merchandise Inventory + Purchases (excluding freight in) + Freight In - Ending Merchandise Inventory
= $44,000 + $304,000 + $13,000 - $43,000
= $317,000
The remaining items which are given in the question are not be considered in the computation part because the items are used for computing the net income, not for cost of goods available for sale for the year
