George's Department Store Is a Merchandising Company That Uses the Periodic

question 168

Multiple Choice

George's Department Store is a merchandising company that uses the periodic inventory system.Selected account balances are listed below: $$\begin{array} { l r } \text { Sales } & \$ 200,000 \\\text { Purchases } & 90,000 \\\text { Inventory (beginning) } & 23,000 \\\text { Inventory (ending) } & 17,000 \\\text { Purchase returns and allowances } & 3,000 \\\text { Purchase discounts } & 7,000 \\\text { Transportation-in } & 4,000 \\\text { Sales discounts } & 8,000 \\\text { Sales returns and allowances } & 5,000\end{array}$$
-Refer to the account information for George's Department Store. Determine George's gross profit.

• A) $93,000
• B) $97,000
• C) None of these choices
• D) $103,000

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