Golden Oak Antique Shop Has the Following Account Balances at the End

question 21

Multiple Choice

Golden Oak Antique Shop has the following account balances at the end of the current accounting period. $$\begin{array} { | l | r | } \hline \text { Beginning inventory } & \$ 73,250 \\\hline \text { Net purchases } & 57,650 \\\hline \text { Net sales revenue } & 85,500 \\\hline\end{array}$$ A normal gross profit for the company is $45%.What is the company's estimated cost of goods sold for the accounting period?

• A) $92,425
• B) $38,475
• C) $47,025
• D) $83,875