Kellson, Inc. Selected Data from the Financial Statements for Kellson, Inc. Are

question 25

Essay

Kellson, Inc.
Selected data from the financial statements for Kellson, Inc. are presented below.
Determine the dollar amount of net purchases, then use this figure for the net purchases within the cost of goods sold model to show the computation for cost of goods sold.
Net purchases = $145,000*
*$10,000 (Beginning inventory) + ? (Cost of goods purchased) - 16,000 (Ending inventory) = 139,000 (Cost of goods sold)

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