CFA Practice Question

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CFA Practice Question

The following information is available for Frank Corporation for 2015:

Sales: $250,000
Beginning Inventory: $50,000
Purchases: $160,000
Ending Inventory: $60,000

Frank Corporation's cost of goods sold for 2015 is ______.

A. $160,000
B. $210,000
C. $150,000
Correct Answer: C

Cost of goods sold is the beginning inventory ($50,000) plus purchases ($160,000) less ending inventory ($60,000).

User Contributed Comments 3

User Comment
myanmar note the master-equation: EI=BI+purch.-COGS
johntan1979 P=C+E-B
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