Ward Company had beginning inventory of $40,000 on January 1. During the year, the company purchased $660,000 of goods from a supplier. On December 31, the cost of unsold inventory was $50,000. Compute Ward Company's cost of goods available for sale and cost of goods sold for the year.
What will be an ideal response?
$40,000 beginning inventory + $660,000 purchases = $700,000 cost of goods available for sale.$700,000 cost of goods available for sale - $50,000 ending inventory = $650,000 cost of goods sold.
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