On March 15, 2015, Sudden Sales Co. purchased $5,000 of merchandize for cash. Required: Assuming that Sudden

Question:

On March 15, 2015, Sudden Sales Co. purchased $5,000 of merchandize for cash.
Required: Assuming that Sudden Sales uses the periodic inventory system, calculate the cost of goods sold in each of the following circumstances:
1. Opening inventory, -0-; , $2,000
2. Opening inventory, $3,000; , $4,000
3. Opening inventory, $1,000; , $1,500
4. Opening inventory, $2,000; , -0-.
Ending Inventory
The ending inventory is the amount of inventory that a business is required to present on its balance sheet. It can be calculated using the ending inventory formula Ending Inventory Formula =...