A cash-basis, calendar-year taxpayer incurred the following for 2022:

Cash sales and cash collections on account $350,000

Cash purchases and payments on account $200,000

Accounts written off as uncollectible $25,000

Inventory taken for personal use $10,000

Accounts payable Beginning $5,000 & Ending $20,000

Accounts receivable Beginning $10,000 & Ending $30,000

Inventory Beginning $80,000 & Ending $60,000

What is the COGS amount that must be reported for 2022?

Answer rating: 100% (QA)

To determine the cost of goods sold COGS we can use the following fo... View the full answer