A Company That Uses the Periodic Inventory Method Provides the Following

question 40

Multiple Choice

A company that uses the periodic inventory method provides the following information: At the end of the period, the company does an inventory count and finds $16,000 of inventory on hand.
How much is the Cost of goods sold?

• A)$104,800
• B)$111,200
• C)$108,000
• D)$128,800

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Definitions:

Real GDP

Gross Domestic Product adjusted for inflation, measuring the value of goods and services produced by an economy in a specific period accounting for changes in price level.

Trade Deficits

A situation where a country's imports of goods and services exceed its exports, resulting in a net outflow of domestic currency to foreign markets.

Real GDP

Gross Domestic Product adjusted for inflation, which reflects the value of all goods and services produced by an economy in a given year in base-year prices.

Price Level

The average price point of the entirety of goods and services in the economic scope.