Answer:
$390000
Explanation:
Given: Beginning inventory= $60000
Cost of goods purchased = $380,000
Sales revenue= $800000.
Ending inventory= $50000.
The Periodic inventory system is used to determine the amount of inventory available at the end of each accounting period.
Cost of goods sold= [tex]beginning\ inventory+ cost\ of\ goods\ purchased- ending\ inventory[/tex]
⇒ Cost of goods sold= [tex]60000+380000-50000[/tex]
⇒ Cost of goods sold= [tex]\$ 440000 - \$ 50000[/tex]
∴ Cost of goods sold= [tex]\$ 390000[/tex].
Hence, $390000 is the cost of goods sold under a periodic system.
