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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

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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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