Calculating Cost of Goods Sold for 2024

What is the cost of goods sold for Dalston Incorporated in 2024 based on the given information?

The cost of goods sold for 2024 is $800,500. This represents the total cost of inventory sold by Dalston Incorporated during the year 2024. The calculation is done by subtracting the ending inventory from the sum of the beginning inventory and additional inventory purchased during the year.

Calculating Cost of Goods Sold for 2024

Starting at the beginning of 2024, Dalston Incorporated reported an inventory of $310,000. Throughout the year, the company purchased additional inventory amounting to $528,000. At the end of 2024, the remaining inventory cost was $37,500. Beginning Inventory: $310,000
Additional Inventory Purchased: $528,000
Total Inventory Available: $310,000 + $528,000 = $838,000
Ending Inventory: $37,500 To calculate the cost of goods sold for 2024, we subtract the ending inventory from the total inventory available: Cost of Goods Sold = Total Inventory Available - Ending Inventory Cost of Goods Sold = $838,000 - $37,500 Cost of Goods Sold = $800,500 Therefore, the cost of goods sold for Dalston Incorporated in 2024 is $800,500. This figure represents the total expenses incurred by the company in selling its inventory throughout the year.
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