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

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Definitions:

Corporate Strategies

Long-term plans made by a company to achieve competitive advantage and successfully operate in the market.

Human Resource Specialists

Professionals responsible for recruiting, screening, interviewing, and placing workers, as well as handling employee relations, payroll, benefits, and training.

Affirmative Action

Policies and procedures designed to promote the employment, education, or advancement of minorities and women, to correct past disadvantages.

Minority Group Members

Individuals belonging to a smaller segment within a population, often distinguished by racial, religious, ethnic, or socio-economic differences.