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Determine what the cost of goods sold for the year was

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Reference no: EM132830094

Problem 1: The owner's capital at the beginning amounted to ?800,000. During the year, it increased to ?980,000 with the owner making additional investment of ?90,000 and withdrawing some supplies worth ?8,000 from the business. Net sales for the year amounted to ?600,000, total operating expenses were ?220,000, and there was no other income during the year. The cost of goods sold for this year was

a. ?282,000
b. ?118,000
c. ?98,000
d. ?478,000

Reference no: EM132830094

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