Then, compute the cost of inventory on hand by subtracting $7,500 COGS from the prior cost of inventory of $12,000. The sum of cost of goods sold and ending inventory is always equal to cost of goods available for sale. Knowing any two of these amounts enables the third amount to be calculated. As purchase...Read More

Then, compute the cost of inventory on hand by subtracting $7,500 COGS from the prior cost of inventory of $12,000. The sum of cost of goods sold and ending inventory is always equal to cost of goods available for sale. Knowing any two of these amounts enables the third amount to be calculated. As purchase...Read More