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The correct response is b) $224,000. To calculate the gross profit, the period's net sales are subtracted from the cost of goods sold. Using FIFO, LIFO, or other inventory valuation methodologies, the value of the inventories that are sold during the period can be accounted for.
The carrying value of the commodities sold within a specific time period is known as the cost of goods sold (COGS). One of the several formulas, such as specific identification, first-in-first-out (FIFO), or average cost, is used to correlate costs with specific commodities. The total cost of transporting the inventory to their current location and condition includes all acquisition prices, conversion charges, and other costs. Materials, labour, and allotted overhead are included in the costs of the commodities produced by the company. Until the inventory is sold or its value is written down, the costs of those things that have not yet been sold are postponed as expenses of inventory.
Increase in inventory=$58,300-$55,800=$2500
Purchase=$227,000+$2500=$229,500
Decrease in account payable=$60,800- $55,300=$5,500
Cash paid for Merchandise=229,500-$5,500=$224,000
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