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The Chocolate Factory had the following figures in its accounting records. Inventory 1.1.21 $100,000; Inventory...

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Accounting

The Chocolate Factory had the following figures in its accounting records. Inventory 1.1.21 $100,000; Inventory 12.31.21 $32,000; Sales during 2021 $2,675,000; Purchases during 2021 $1,065,000; Operating expenses for 2021 $35,000. Compute Cost of Goods Sold for 2021.

  • $1,133,000

  • $695,000

  • $1,507,000

  • $1,115,000

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