Robbinsdale, Inc. is a merchandiser of stone ornaments. The company sold
6,000 units during the year. The company has provided the following information:
| Sales Revenue | $592,000 |
| Purchases (excluding freight in) | $304,000 |
| Selling and Administrative Expenses | $68,000 |
| Freight In | $14,000 |
| Beginning Merchandise Inventory | $43,000 |
| Ending Merchandise Inventory | $43,000 |
What is the cost of goods available for sale for the year?
Answer : cost of goods available for sale for the year =$ 318,000
cost of goods available for sale for the year is calculated as follow
| Particular | Amount in $ |
| Purchases (excluding freight in) | $304,000 |
| Freight In | $ 14000 |
| Beginning Merchandise Inventory | $43000 |
| Less : Ending Merchandise Inventory | $43000 |
| Total | $318,000 |
cost of goods available for sale for the year =$ 318,000
