A Company That Uses the Periodic Inventory System Provided the Following

question 26

Multiple Choice

A company that uses the periodic inventory system provided the following information: 1. Beginning inventory $4,000
2) Purchases $150,000
3) Purchase discounts $2,300
4) Purchase returns and allowances $700
At the end of the period, the physical count of inventory reveals that $17,000 worth of inventory is on hand. What is the amount of cost of goods sold?

• A) $134,000
• B) $151,000
• C) $168,000
• D) $147,000

---

Definitions:

Licensed Pharmacists

Healthcare professionals authorized to prepare, dispense, and provide clinical information on drugs to patients.

Anticoagulant

A substance that prohibits the coagulation of blood.

Antihistamine

A type of medication that blocks histamine, a substance in the body that causes allergy symptoms like itching, swelling, and runny nose.

Duracillin

A brand name for a type of penicillin antibiotic used to treat various bacterial infections.