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Consider the following facts concerning Mike, Inc: - The only source of Accounts Payable for Mike Inc. is the purchase of inventory on credit. -
Consider the following facts concerning Mike, Inc:
- The only source of Accounts Payable for Mike Inc. is the purchase of inventory on credit.
- The company did not pay any money to its suppliers during the year.
- The balance in inventory and Accounts Payable at the beginning and end of the year were as follows:
1/1/2018 | 12/31/2018 | |
Inventory | $36,380 | $63,540 |
Accounts payable | $55,400 | $89,220 |
What is the company's cost of goods sold for 2018?
Select one:
a. $33,820
b. $6,660
c. $27,160
d. $60,980
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