Answer:
$1,280,000 = cost of goods purchased
Explanation:
Giving the following information:
Inventory decreased by $80,000
COGS= $1,200,000
If inventory decreased, the beginning inventory is lower than the beginning inventory. We will use the following formula:
COGS= beginning finished inventory + cost of goods purchased - ending finished inventory
1,200,000 = cost of goods purchased - 80,000
1,280,000 = cost of goods purchased
