Beginning Inventory for the period was $100,000. Purchases for the period totaled $550,000 and sales were $1,000. (refer to attachment below for full question)

Beginning inventory for the period was $100,000. Purchases for the period totaled $550,000 and sales were $1,000,000. A physical count of ending inventory revealed inventory of $130,000. Compute cost of goods sold assuming that a periodic system is used. $520,000 $450,000 $580,000 $540,000 $550,000 Beginning inventory for the period was $100,000. Purchases for the period totaled $550,000 and sales were $1,000,000. A physical count of ending inventory revealed inventory of $130,000. Compute cost of goods sold assuming that a periodic system is used. $520,000 $450,000 $580,000 $540,000 $550,000 Cost of goods available for sale - Ending inventory = Cost of goods sold Calculation of the Cost of Goods Sold Opening Inventory 100000 Purchases 550000 Less Closing -130000 COGS 520000 Cost of Goods Sold is $ 520000