Audio corporation purchased $20,000 of dvds during the current year. the company had dvd inventory of $15,000 at the beginning of the year. an end of the year audit revealed that the company had dvd inventory of $10,000. the amount that would be reported as cost of goods sold in the income statement for the current year is

  $25,000

Explanation:

Had no goods been sold, the value of the inventory would have gone from $15,000 to $15,000+20,000 = $35,000.

Since the end-of-year inventory was valued at $10,000, apparently $25,000 can be reported as the cost of goods sold.

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