Goldblum Company Has the Following Account Balances The Cost of Goods Purchased for the Period Is
A)

question 2

Multiple Choice

Goldblum Company has the following account balances: $$\begin{array} { l r } \text { Purchases } & \$ 96,000 \\\text { Sales Returns and Allowances } & 12,800 \\\text { Purchase Discounts } & 8,000 \\\text { Freight-In } & 6,000 \\\text { Delivery Expense } & 10,000\end{array}$$ The cost of goods purchased for the period is

• A) $80,800.
• B) $88,000.
• C) $94,000.
• D) $104,000.

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Definitions:

Volume

The quantity of something, often measured in units, pieces, or amounts, used in various contexts such as sales, production, and trading.

Double-entry System

A system that records in appropriate accounts the dual effect of each transaction.

Double Line

This term is often used in accounting to denote totals or sums in financial statements, represented by drawing a double line.

Normal Balance

An account balance on the side where an increase in the account is recorded.