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ABC has beginning inventory for the year of $12,000. During the year, ABC purchases inventory for $150,000 and ends the year with $20,000 of inventory. ABC will report cost of goods sold equal to:

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Explanation:

The Answer equal 142000

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Cost of goods sold (COGS) refers to the direct cost of producing goods sold by a company. The costs of goods sold by ABC Company is $142,000.

What do you mean by Costs of goods sold?

The cost of goods sold is the total amount paid by your business as costs directly related to the sale of products.

Depending on the nature of your business, this may include products purchased for sale, raw materials, packaging, and specific work related to good production or sales.

As per the information provided,

Beginning inventory is $12,000

Ending Inventory is $20,000

Purchases are $150,000

[tex]\rm\,Costs \;of \;goods \; sold = \;Beginning \; Inventory + Purchases \; + Direct \; expenses \;- Ending \; Inventory\\\\\rm\,Costs \;of \;goods \; sold = \$12,000 + \$150,000 - \$20,000\\\\\rm\,Costs \;of \;goods \; sold = \$142,000[/tex]

Hence, the costs of goods sold by ABC Company is $142,000.

To learn more about costs of goods sold, refer:

https://brainly.com/question/24561653

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