Calculate the Cost of Sales for a Retailer Using the Periodic

question 65

Multiple Choice

Calculate the cost of sales for a retailer using the periodic inventory system from the following details. $$\begin{array} { | l | l | } \hline \text { Purchases } & \$ 520,000 \\\hline \text { Beginning inventory } & 180,000 \\\hline \text { Purchase returns and allowances } & 50,000 \\\hline \text { Purchase discounts } & 12,000 \\\hline \text { Freight in } & 18,000 \\\hline \text { Ending inventory } & 180,000 \\\hline\end{array}$$

• A)$520,000
• B)$476,000
• C)$836,000
• D)$494,000

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Definitions:

Popliteal Fossa

The shallow depression located at the back of the knee joint, containing nerves and blood vessels.

Olecranon Process

The bony prominence of the ulna at the elbow, which forms the point of the elbow and serves as an attachment for muscles.

Thenar Eminence

The muscular bulge on the palm of the hand at the base of the thumb, composed of short muscles that control thumb movements.

Cubital Fossa

The cubital fossa is the triangular area on the anterior aspect of the human arm immediately distal to the elbow; it is bordered by the brachioradialis, pronator teres muscles, and the imaginary line connecting the epicondyles of the humerus.