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A retail company has goods available for sale of $300,000 at retail and $210,000 at cost, and ending inventory of $80,000 at retail. What is the estimated cost of goods sold?

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ayokenny2001

Answer:

$154,000

Explanation:

We will calculate estimated cost of goods sold as shown below.

= Cost of goods available for sale at cost / Cost of goods available for sale at retail × 100

= $210,000 / $300,000 × 100

= 70%

Then,

80,000 × 70% = 56,000

Therefore,

Estimated cost of goods sold

= 210,000 - 56,000

= 154,000

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