Cost of goods sold and merchandise available for sale in a, Financial Accounting

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Cost of goods sold and merchandise available for sale in a

Cost of Goods Sold and Merchandise Available for Sale in a Merchandising Company

Dash Department Store features women's fashions. At the beginning of the year, the store had $514,000 in merchandise. Total purchases for the year were $463,000.

Required:

A. Calculate the cost of goods sold for the year, assuming that the year-end inventory was $488,000.

_______?

B. What was the total amount of merchandise available for sale during the year?

_______?

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Financial Accounting: Cost of goods sold and merchandise available for sale in a

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