Try Magic Notes and save time.Try it free
Try Magic Notes and save timeCrush your year with the magic of personalized studying.Try it free
Question

# Bits & Bytes, Inc., started the month with an inventory of computer hardware and software valued at $68,395.65. During the month, Bits & Bytes bought 16 scanners at a cost of$47.84 each, 24 CD burners at a cost of $37.75 each, and 48 software programs at a cost of$14.95 each. Bits & Bytes': ending inventory of computer hardware and software was valued at \$52,936.89. What was the cost of the goods sold?

Solution

Verified
Step 1
1 of 6

Let the beginning inventory be equal to $\68,395.65$. Furthermore, let the receipts be equal to the sum of the received shipments, while the ending inventory is equal to $\52,936.89$.

The goal of this exercise is to find the cost of goods sold.

How do we find the cost of goods sold?

## Recommended textbook solutions

6th EditionISBN: 9780078692512McGraw-Hill Education
3,967 solutions

1st EditionISBN: 9780078747687McGraw-Hill Education
1,401 solutions

#### Financial Algebra

1st EditionISBN: 9780538449670Richard Sgroi, Robert Gerver
2,606 solutions

#### Financial Algebra: Advanced Algebra with Financial Applications

2nd EditionISBN: 9781337271790Richard Sgroi, Robert Gerver
3,016 solutions