Question

Challenge Tennis​ & Recreation's operating activities for the year are listed below.

Purchases	​$174 comma 500174,500
Operating expenses	62 comma 70062,700
Beginning inventory	27 comma 80027,800
Ending inventory	37 comma 40037,400
Sales revenue	333 comma 500333,500

What is the cost of goods sold for the​ year?

Chicago Steel's operating activities for the year are listed below. Beginning inventory $1,000,500 Ending inventory $350,300 Purchases $750,700 Sales revenue $1,500,000 Operating expenses $701,000 What is the cost of goods sold for the year? O A. $1,400,900 OB. $1,751,200 OC. $49,700 OD. $749,300 Click to select your answer.

Answer 1

1
Beginning inventory	27800
Add: Purchases	174500
Less: Ending inventory	-37400
Cost of goods sold for the​ year	164900
2
Beginning inventory	1000500
Add: Purchases	750700
Less: Ending inventory	-350300
Cost of goods sold for the​ year	1400900
Option A $1,400,900 is correct
3
Beginning inventory	27800
Add: Purchases	174500
Less: Ending inventory	-37400
Cost of goods sold for the​ year	164900
Option C $164,900 is correct
4
Work in process beginning	0
Add: Current manufacturing costs	427700	=110200+132000+185500
Total manufacturing costs to account for	427700
Option C $427,700 is correct
5
Finished goods inventory,beginning	0
Cost of goods manufactured	455200
Less: Finished goods inventory,ending	-90400
Cost of goods sold	364800
Option A $364,800 is correct
6
Beginning inventory	33100
Add: Purchases	92700
Less: Ending inventory	-35500
Cost of goods sold	90300
Option A $90,300 is correct
7
Beginning raw materials inventory	220
Add: Purchases of direct materials	500
Less: Ending raw materials inventory	-200
Cost of direct materials used	520
Option C $520 is correct