A Company That Uses the Periodic Inventory Method Provided the Following

question 59

Multiple Choice

A company that uses the periodic inventory method provided the following information: 1. Beginning inventory $4,000
2. Purchases $120,000
3. Purchase discounts $2,400
4. Purchase returns and allowances $800
At the end of the period, the company does an inventory count and finds $18,000 worth of inventory on hand.
What is the amount of Cost of goods sold?

• A)$102,800
• B)$104,200
• C)$138,800
• D)$128,800

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Definitions:

Hindbrain

The rear portion of the brain that includes the cerebellum, medulla oblongata, and pons, involved in the regulation of heart rate, respiration, and balance.

Heartbeat

The rhythmic contraction and relaxation of the heart muscle that circulates blood throughout the body, crucial for maintaining life by supplying oxygen and nutrients.

Respiration

The biological process involving the exchange of gases between an organism and its environment, enabling breathing.

Instinctive Behavior

Instinctive behavior is an innate, unlearned response pattern exhibited by an organism when presented with certain stimuli.