Oaktree,Inc What Is the Cost of Goods Sold for the Year

question 206

Multiple Choice

Oaktree,Inc.is a merchandiser of inlaid wooden boxes.The company sold 7000 units during the year.The company has provided the following information: $$\begin{array} { | l | r | } \hline \text { Sales Revenue } & \$ 550,000 \\\hline \text { Purchases (excluding freight in) } & 304,000 \\\hline \text { Selling and Administrative Expenses } & 69,000 \\\hline \text { Freight In } & 15,000 \\\hline \text { Beginning Merchandise Inventory } & 43,000 \\\hline \text { Ending Merchandise Inventory } & 42,000 \\\hline\end{array}$$ What is the cost of goods sold for the year?

• A)$362,000
• B)$320,000
• C)$318,000
• D)$305,000

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