A Company Using the Periodic Inventory System Has the Following

question 34

Multiple Choice

A company using the periodic inventory system has the following account balances: Merchandise Inventory at the beginning of the year, $3,600; Freight In, $650; Purchases, $10,700; Purchases Returns and Allowances, $1,950; Purchases Discounts, $330. The cost of merchandise purchased is equal to

• A) $12,670
• B) $9,070
• C) $8,420
• D) $17,230

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Definitions:

Ethics

A set of moral principles that govern the behavior of individuals and organizations.

Decision Making

The process of making choices by identifying a decision, gathering information, and assessing alternative resolutions.

Actively Listening

The process of fully concentrating, understanding, responding, and remembering what is being said in a conversation.

Job Interview

A formal meeting between a job applicant and a potential employer where the applicant is assessed for suitability for a specific position.