Cost of Goods Sold Is $7,400

question 103

Multiple Choice

Cost of goods sold is $7,400. Beginning inventory is $3,500 and ending inventory is $4,000. If there is no freight in and total purchases were $8,250, how much were purchase returns and allowances?

• A)$850
• B)$500
• C)$350
• D)$550

Learn the correct order of steps in the accounting cycle.

Identify and correct errors within the accounting cycle.

Understand the effects of specific transactions on financial statements.

Know the implications of deferrals and accruals in adjusting entries.

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Definitions:

Programs Creation

The process of developing and implementing structured sets of activities designed to achieve specific objectives.

Implementation Strategies

Plans and actions developed to effectively roll out and establish programs, policies, or changes within an organization.

Human Resource Management

The strategic approach to the effective management of people in an organization to help it gain a competitive advantage.

Organisational Mission

The core purpose and focus of an organization, guiding its strategies, goals, and actions.