The Following Accounts and Their Current Balances Appear in the Ledger

question 184

Multiple Choice

The following accounts and their current balances appear in the ledger of Cerelat Co. at the end of its fiscal year, June 30. Cerelat uses a periodic inventory system.
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-A physical inventory at the end of June was $882,000. Estimated Returns Inventory is expected to increase to $16,500. What is the amount of cost of goods sold for Cerelat Co. for the year? Use the list of accounts and their current balances given above for Cerelat Co.

• A) $886,000
• B) $832,500
• C) $822,000
• D) $825,000

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Definitions:

Connective Tissue

A type of biological tissue with the primary function of supporting, connecting, or separating different types of tissues and organs in the body.

Transport

The movement of substances across cell membranes and throughout the body.

Exocrine

Glands that secrete their products through ducts either out of the body or into the digestive system, unlike endocrine glands, which secrete hormones directly into the blood.

Possesses Ducts

Refers to glands or organs that have tube-like structures to convey their secretions to other locations.