At the end of last year, Helen's, Inc. (uses a perpetual inventory system) had merchandise costing...

At the end of last year, Helen's, Inc. (uses a perpetual inventory system) had merchandise costing $115,000 in inventory. During January of the current year, the company purchased merchandise costing $35,000, and sold merchandise which it had purchased at a total cost of $55,000.

Based on the foregoing information, the amount of costs transferred from the Inventory account to the Cost of Goods Sold account during January was:

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ekkarill92 answered 2 years ago

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