Midgic Farm Store Had a Beginning Merchandise Inventory of $9,000

question 33

Multiple Choice

Midgic Farm Store had a beginning merchandise inventory of $9,000. During the period, Purchases were $35,000; Purchase Returns, $1,500; and Freight In $3,000. A physical count of inventory at the end of the period revealed that $6,000 was still on hand. Using a periodic inventory system, the cost of goods sold was

• A) $44,000.
• B) $39,500.
• C) $45,500.
• D) $42,500.

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Definitions:

Colonial Era

A period in history marked by the establishment, expansion, and dominance of colonies by European powers in other parts of the world, often associated with exploration and economic exploitation.

Taxation

The process whereby governments impose charges on citizens and corporate entities to fund public expenses and services.

Commercial Products

Goods or services that are produced for sale to consumers in the marketplace.

Governmental Services

Various services provided by the government to its citizens, such as education, healthcare, and public safety.