A Company That Uses the Periodic Inventory Method Provides the Following

question 19

Multiple Choice

A company that uses the periodic inventory method provides the following information: 1. Beginning Inventory $10,000
2. Net Purchases $90,000
At the end of the period, the company does an inventory count and finds $15,000 of inventory on hand.
What is the amount of Cost of goods sold?

• A)$90,000
• B)$115,000
• C)$85,000
• D)$75,000

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Definitions:

Objective Magnifies

In an analytical or scientific context, this refers to how an objective lens on a microscope increases the apparent size of an object being observed.

Quality Assurance Program

A systematic approach to ensure that a product or service meets specified requirements and customer expectations through planned and systematic activities.

Testing Procedures

Standardized methods used to evaluate the performance, quality, or reliability of a product, material, or system.

Physician's Office Laboratory

A lab facility within a physician's office used for onsite basic diagnostic tests and analysis.