The Following Data Is Available -Using the Gross Profit Method,the Cost of Goods Sold Would

question 105

Multiple Choice

The following data is available: $$\begin{array} { | r | r | } \hline \text { Net sales, first month } & \$ 13,000 \\\hline \text { Normal gross profit } & 45 \% \\\hline \text { Beginning inventory } & 8,000 \\\hline \text { Net purchases } & 7,000 \\\hline\end{array}$$
-Using the gross profit method,the Cost of goods sold would be:

• A) $15,000.
• B) $7,150.
• C) $7,850.
• D) $5,850.

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