Table 5-5
the Following Items Were Taken from the December

question 52

Multiple Choice

Table 5-5
The following items were taken from the December 31, 2019, records of Speedy Boat Company, which uses a periodic inventory system: $$\begin{array} { | l | r | } \hline \text { Salary payable } & \$ 1,100 \\\hline \text { Sales revenue } & 480,000 \\\hline \text { Interest revenue } & 3,000 \\\hline \text { Freight in } & 20,000 \\\hline \text { Beginning inventory } & 35,000 \\\hline \text { Sales discounts } & 18,000 \\\hline \text { Purchases of inventory } & 240,000 \\\hline \text { Purchase retarns and allowances } & 35,000 \\\hline \text { Purchase discounts } & 10,000 \\\hline \text { Sales returns and allowances } & 35,000 \\\hline \text { Ending inventory } & 80,000 \\\hline \text { Operating expenses } & 85,000 \\\hline \text { Interest expense } & 7,000 \\\hline \text { Owner withdrawals } & 12,000 \\\hline\end{array}$$
-Refer to Table 5-5. Cost of goods available for sale for Speedy Boat Company is:

• A)$155,000.
• B)$225,000.
• C)$230,000.
• D)$250,000.

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Definitions:

Interest Rate

The cost of borrowing money, typically expressed as a percentage of the total amount loaned.

Asset

A resource with economic value that an individual, corporation, or country owns or controls with the expectation that it will provide future benefits.

Geometric Series

A sequence of numbers where each term after the first is found by multiplying the previous one by a fixed, non-zero number called the ratio.

Infinite

Describing a quantity without end or limit, often used in mathematics or to describe concepts that cannot be quantified.