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:

Howard Gardner

An American developmental psychologist best known for his theory of multiple intelligences, which posits that people have various kinds of intelligences, not just a single, general ability.

Skillful Production

Refers to the capacity to create or manufacture things with a high level of expertise and quality.

Use of Language

Involves the manner in which words and syntax are employed to communicate thoughts and information.

Musical Intelligence

One of Howard Gardner's multiple intelligences, characterized by skills in performing, composing, and appreciating musical patterns.