Whisper Co. had Beginning Inventory of $20,000 and Ending Inventory of $26,000. Cost of goods sold for the period was $130,000. Days' sales in inventory are 73 days.
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 formulae, 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 expenditures. Materials, labor, 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 expenses of those things that haven't yet been sold are postponed as costs of inventory.
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