Question

acacia company had inventory of 100,000 on December 31, 2012. other information is as follows:
purchases $1,500,000
sales 3,000,000
inventory 1/1/2012 300,000
what is the amount of acacia cost of goods sold for 2012?

do you add in the sales for the year?

Answer 1

Cost of goods sold:
Beginning inventory 300,000
purchases $1,500,000. 1,500,000
Cost of goods available for sale = 1,800,000
Less ending inventory. 100,000
Cost of goods sold 1,700,000

You do not needed to add the sale.