Avery Supplies Uses a Periodic Inventory System

question 8

Multiple Choice

Avery Supplies uses a periodic inventory system. Please refer to the following data: How much is Net purchases?

• A)$26,000
• B)$22,000
• C)$25,000
• D)$23,200

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Definitions:

Consideration

The value, which can be in the form of goods, services, money, or a promise, exchanged between parties in a contract.

Present Intent

The current intention or determination of an individual to perform a particular act or to act in a particular manner.

Offeree

The person or party to whom an offer is made in a contract negotiation.

Offeror

The party in a contract negotiation that presents a proposal or offer to enter into an agreement with another party, known as the offeree.