MC Qu. 86 A sporting equipment store expects to... A sporting equipment store expects to purchase $8,500 of ski boots in October. The store had $2,500 of ski boots in merchandise inventory at the beginning of October, and expects to have $1,500 of ski boots in merchandise inventory at the end of October to cover part of anticipated November sales. What is the budgeted cost of goods sold for October

Budgeted COGS for october is $9500

Explanation:

The cost of goods sold is the total cost incurred for inventory that relates to a particular sale. The cost of goods sold is calulated using the simple formula,

Cost of Goods Sold

Opening Inventory

Add: Purchases

Less: Closing Inventory

For the month of October, The Cost of goods sold will be,

Cost of Goods Sold

Opening Inventory          2500

Add: Purchases                8500

Less: Closing Inventory   (1500)

COGS                                9500

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