Picasso's Paint Co. had an inventory balance of $4,200 on January 1. During the accounting period they made purchases of $12,500. The ending inventory balance was $2,250. If Picasso's Paint Co. uses the periodic inventory system, what is the cost of inventory sold during the period?
A) $12,500
B) $14,450
C) $16,700
D) $18,950
B) $14,450
Explanation: beginning inventory + purchases - ending inventory = cogs. Ex: $4,200 + $12,500 - $2,250 = $14,450
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