a-manufacturing-company-conducts-a-physical-inventory-count-and-finds-70000-wort

Question

A manufacturing company conducts a physical inventory count and finds $$70,000 worth of inventory. If the beginning inventory was 60$$,000, purchases were $$50,000, and purchase returns were 10$$,000, what is the cost of goods sold?

Accepted Answer

$30,000

Answer

$40,000

Answer

$50,000

Answer

$60,000

A manufacturing company conducts a physical inventory count and finds \$70,000 worth of inventory. If the beginning inventory was \$60,000, purchases were \$50,000, and purchase returns were \$10,000, what is the cost of goods sold?