At the Beginning of the Year, Kelly Sales Had $2,400

question 88

Essay

At the beginning of the year, Kelly Sales had $2,400 of merchandise inventory. During the year, Kelly purchased $22,000 of inventory. At the end of the year, a count of the inventory revealed that Kelly had $1,600 of inventory on hand. Kelly uses a periodic inventory system.
Required:
a) What is the amount of goods available for sale?
b) What is cost of goods sold for the year?

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Definitions:

Shared Beliefs

Common ideas or values held within a group or society, shaping collective behavior and understanding.

Culture

The beliefs, values, rules, and customs that exist within a group of people who share a common language and environment and that are transmitted through learning from one generation to the next.

Society

A group of individuals involved in persistent social interaction, or a large social grouping sharing the same geographical or virtual territory, typically subject to the same political authority and dominant cultural expectations.

Civilization

A complex society characterized by the presence of cities, social stratification, forms of government, and symbolic systems of communication such as writing.