For the Year Ended December 31, 2019, Complex Company Reported

question 126

Multiple Choice

For the year ended December 31, 2019, Complex Company reported gross margin of $29,700, which was 30% of the sales for the period. The cost of goods available for sale was 120% of the cost of goods sold. The beginning inventory was twice as much as the ending inventory. What was the amount of purchases for 2019?

• A)$13,860
• B)$29,700
• C)$41,580
• D)$55,440

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Definitions:

Creditor Responds

The process by which a creditor reacts or takes action in response to a debtor's payment behavior or proposal.

Bloomingdale's Credit Card

A branded credit card specifically for use at Bloomingdale's department stores, offering various benefits and rewards to cardholders.

Charged

In a legal context, it refers to formally accusing someone of a crime. In finance, it might refer to incurring a debt or a financial obligation.

Lost

Unable to find one's way or missing and not recoverable.