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Part 1

If the cost of goods available for sale equals 

​$107 comma 683107,683​, 

calculate the cost of goods sold using the table below.

**Cost per unit**

**Number of units on hand**

**Total cost**

​$850850

88

​$6 comma 8006,800

​$17601760

1111

​$19 comma 36019,360

​$945945

88

​$7 comma 5607,560

​$480480

66

​$2 comma 8802,880

Ending inventory

3333

​$36 comma 60036,600

To calculate the cost of goods sold (COGS), we need to subtract the ending inventory from the cost of goods available for sale.

Here is the provided data in a table format for clarity:

| **Cost per unit** | **Number of units on hand** | **Total cost** |
|-------------------|-----------------------------|----------------|
| $850              | 8                           | $6,800         |
| $1760             | 11                          | $19,360        |
| $945              | 8                           | $7,560         |
| $480              | 6                           | $2,880         |
| **Ending inventory** | 33                       | $36,600        |

Given:
- Cost of goods available for sale: $107,683
- Ending inventory: $36,600

Using the formula:
\[ \text{Cost of Goods Sold (COGS)} = \text{Cost of Goods Available for Sale} - \text{Ending Inventory} \]

We can substitute the given values:
\[ \text{COGS} = \$107,683 - \$36,600 \]

Calculating this:
\[ \text{COGS} = \$71,083 \]

So, the cost of goods sold is $ \$71,083 $.

Would you like more details or have any questions about this calculation? 

Here are some additional questions you might find useful:

1. How do you calculate the ending inventory using different methods?
2. What are the differences between FIFO and LIFO inventory methods?
3. Can you explain how average cost method works for inventory?
4. How do you determine the cost per unit in a manufacturing process?
5. What is the impact of inventory errors on financial statements?

**Tip:** Always double-check the calculations and data given to ensure accuracy, especially in financial contexts.

Learn how to calculate the cost of goods sold (COGS) using inventory data. This problem involves determining COGS from the cost of goods available for sale and ending inventory. Suitable for adults and professionals in finance or business.

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