Solution-What was Cost of Goods Sold

What was Cost of Goods Sold

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Question - X Company is a merchandiser. It incurred the following costs in 2019:

Insurance costs $23,424

Employee salaries 17,259

Utility costs 22,757

Supply costs 12,067

Equipment rental 13,996

Merchandise purchases 80,684

Warehouse costs 28,482

Advertising costs 18,306

Miscellaneous operating costs 13,895

The Merchandise Inventory account had a January 1 balance of $43,440 and a December 31 balance of $17,594. What was Cost of Goods Sold in 2019?

A: $73,831

B: $83,429

C: $94,274

D: $106,530

E: $120,379

F: $136,028

Reference no: EM132687630

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What was Cost of Goods Sold

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