Sampson Company's Accounting Records Show the Following for the Year

question 98

Multiple Choice

Sampson Company's accounting records show the following for the year ending on December 31, 2017. $$\begin{array} { l r } \text { Purchase Discounts } & \$ 11,200 \\\text { Freight-In } & 15,600 \\\text { Purchases } & 700,020 \\\text { Beginning Inventory } & 47,000 \\\text { Ending Inventory } & 57,600 \\\text { Purchase Returns and Allowances } & 12,800\end{array}$$ Using the periodic system, the cost of goods purchased is

• A)$660,420.
• B)$708,420.
• C)$717,220.
• D)$691,620.

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Definitions:

Organic Solidarity

A form of social cohesion that arises when people in a society are interdependent, but hold to varying values and beliefs and engage in varying types of work.

Mechanical Solidarity

Unity based on similarity, not difference, of roles.

Role Differentiation

The process by which different roles develop in a society or group, often becoming more specialized and distinct.

Shared Values

Fundamental beliefs or standards shared among members of a group, society, or culture, guiding behaviors and social cohesion.