The Following Refers to Periodic Inventory: Compute Cost of Goods

question 81

Multiple Choice

The following refers to periodic inventory: Compute Cost of goods sold. $\begin{array}{|l|r|}\hline\text { Net sales } & \$ 198,000 \\\hline\text { Purchases } & 92,000 \\\hline \text { Purchases returns and allowances } & 1,800 \\\hline \text { Purchases discounts } & 1,250 \\\hline \text { Preight in } & 1,590 \\\hline \text { Beginning merchandise inventory } & 63,000 \\\hline \text { Ending merchandise inventory } & 37,000\\\hline\end{array}$

• A) $116,540
• B) $81,460
• C) $114,950
• D) $53,540

Understand the shift towards a knowledge-based economy and its impact on employment and education.

Recognize the social and economic characteristics of various types of societies, including horticultural, agricultural, and pastoral.

Understand the roles and responsibilities of a guarantor in relation to the principal debtor and creditor.

Comprehend the requirements for perfection of a security interest under different statutes.

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Definitions:

Ultimatum Games

A type of game in experimental economics where two players interact to decide how to divide a sum of money; one proposes the split, and the other accepts or rejects it.

Endowment Effect

A psychological phenomenon in which people assign higher value to things merely because they own them.

Loss Aversion

In prospect theory, the property of most people’s preferences that the pain generated by losses feels substantially more intense than the pleasure generated by gains.