Exercise 6-1 (Algo) Calculate cost of goods sold (LO6-2) Portage Retail Group begins the year with inventory of $48,000 and ends the year with inventory of $38,000. During the year, the company has four purchases for the following amounts. Purchase on February 17 Purchase on May 6 Purchase on September 8 Purchase on December 4 Required: Calculate cost of goods sold for the year. Answer is complete but not entirely correct. Beginning inventory Add: Purchases Cost of goods available for sale Less: Ending inventory Cost of goods sold $203,000 123,000 153,000 403,000 $ 48,000 873,000 X 918,000 X 38,000 880,000 x

Exercise 6-1 (Algo) Calculate cost of goods sold (LO6-2) Portage Retail Group begins the year with inventory of $48,000 and ends the year with inventory of $38,000. During the year, the company has four purchases for the following amounts Required: Calculate cost of goods sold for the year