Costs of Goods Sold Assignment and Quiz 100%

The basic calculation for Cost of Goods Sold for a retail business is: Beginning Inventory - Inventory Purchases - End Inventory = Cost of Goods Sold Beginning Inventory - Inventory Purchases + End Inventory = Cost of Goods Sold Beginning Inventory + Inventory Purchases + End Inventory = Cost of Goods Sold Beginning Inventory + Inventory Purchases - End Inventory = Cost of Goods Sold

Beginning Inventory + Inventory Purchases - End Inventory = Cost of Goods Sold

_____ are the goods and materials available for sale at the beginning of a period. Beginning inventory Ending inventory Cost of goods sold Raw materials

Beginning inventory

_____ are the goods and materials available for sale at the end of a period. Beginning inventory Ending inventory Raw materials Cost of goods sold

Ending inventory

_____ are the materials used in the main production or manufacturing of a product. Cost of goods sold Raw materials Ending inventory Beginning inventory

Raw materials

The goods and materials available for sale at the beginning of a period are called beginning inventory. False True

True

The goods and materials available for sale at the beginning of a period are called _____. ending inventory cost of goods sold raw materials beginning inventory

beginning inventory

The cost of the merchandise that was sold to customers is called _____. cost of goods sold raw materials beginning inventory ending inventory

cost of goods sold

The goods and materials available for sale at the end of a period are called _____. ending inventory beginning inventory cost of goods sold raw materials

ending inventory

Materials used in the main production or manufacturing of a product are called

raw materials

Materials used in the main production or manufacturing of a product are called _____. cost of goods sold raw materials ending inventory beginning inventory

raw materials