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Determine the cost of goods sold

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Question: The following information came from the income statement of the Wilkens Company at December 31, 2017: sales revenues $1,800,000; beginning inventory $160,000; ending inventory $240,000; and gross profit $600,000. What is Wilkens' inventory turnover ratio for 2017?

I know in order to find the inventory ratio you take the cost of goods sold divided by average inventory. I determined the average inventory by adding $160,000 + $240,000, for a total of $400,000 then divide by 2 equals $200,000. However based upon the information above how do I determine the cost of goods sold?

Reference no: EM131560935

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