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Calculate the cost of goods sold for Sunny Side Inc

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Question - The following transactions occurred for a Sunny Side Inc. in 2020:

Cash receipt from customer: $300,000

Cash paid to supplier: $120,000 for inventory

*there are other unlisted transactions for 2020.

A partial balance sheet of the Sunny Side Inc. is as follows:

 

12/31/2019

12/31/2020

Cash

$110,000

$101,000

Accounts receivable

62,000

90,000

Inventory

70,000

72,000

Accounts Payable (for inventory)

50,000

20,000

Required - Calculate the cost of goods sold for Sunny Side Inc. for 2020.

Reference no: EM132488693

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