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Determine what is the company cost of goods sold

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Reference no: EM132542083

Question 1: Based on the information below and considering that this company did not pay any money to its suppliers during the year, what is the company's cost of goods sold for 2015? Assume that the only source of Account Payable is the purchase of inventory on credit.

1/1/2015 inventory: $57,380

12/31/15 inventory: $68,540

1/1/2015 acct payable: $78,000

12/31/15 acct payable: $189,160

Reference no: EM132542083

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