What is cost of goods sold for the period, given the following information? Purchases for the period

Question:

What is cost of goods sold for the period, given the following information?
Purchases for the period ...............................$78,000
Beginning inventory .................................... 27,000
....................................... 31,000 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 =...