Accountıng I Deneme Sınavı Sorusu #1313793
Which of the following describes the formula to calculate the cost of goods (COGS) sold during the period?
COGS = Beginning Inventory + Expenses – Ending Inventory |
COGS = Beginning Inventory + Purchases – Ending Inventory |
COGS = Beginning Inventory + Purchases + Ending Inventory |
COGS = Beginning Inventory + Ending Inventory - Purchases |
COGS = Beginning Inventory + Ending Inventory - Expenses |
At the end of a period, companies take a physical count of inventories to determine the amount of ending inventories and considering the balances of beginning inventory, total purchases and ending inventory, companies calculate the cost of goods sold during the period. The formula that is used to calculate COGS is: COGS = Beginning Inventory + Purchases – Ending Inventory
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