Question

1. If beginning inventory is $3,000, purchases are $2,200, and ending inventory is $3,100, then how much is the cost of goods sold?

a. $800

b. $2,100

c. $2,300

d. $5,300

2. If net sales is $5,000 and cost of goods sold is $3,300, how much is the gross profit?

a. $1,700

b. $3,300

c. $5,000

d. $8,300