A Company That Uses the Periodic Inventory Method Provides the Following

question 150

Multiple Choice

A company that uses the periodic inventory method provides the following information:
$\begin{array} { l r } \text { Beginning inventory } & \$ 4,000 \\\text { Net Purchases } & \$ 85,000\end{array}$
At the end of the period,the company does an inventory count and finds $9,000 of inventory on hand.
How much is the Cost of goods sold?

• A) $98,000
• B) $72,000
• C) $80,000
• D) $90,000

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Definitions:

Overdue Accounts

Accounts receivable that have not been paid by the due date, often indicating a delay or default in payment by the debtor.

Contract

A legally binding agreement between two or more parties defining obligations and rights.

Equivalent Payments

Alternative payments that will result in the same future value at a later date.

Obligation

A duty or commitment to fulfil an act, usually as part of a contract or by law, such as the repayment of a loan.