You know these facts about a company’s prior calendar year

You know these facts about a company’s prior calendar year:

• Beginning inventory: 100 units at $10 each
• Ending inventory: 50 units at $9 each
• Inventory purchased for resale during the year: $2,000

What can you calculate using this information? Select all that apply.

A. Gross sales

B. Net profit

C. Contribution margin

D. Cost of goods sold

E. None of the above

Answers:

Based on the information provided, here are the financial metrics that can be calculated:

Cost of goods sold:

To determine COGS, one can simply add together the beginning inventory, $100 * 10 = 1000 dollars, and purchases of goods and subtract ending inventory.

Final or ending inventory = 50*$9 = 450 dollars

Acquisitions or adding purchases = 2000 dollars

Thus COGS = Initial stock + Acquisitions – Final inventory.

= $1,000 + $2,000 – $450

= $2,550

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