George's Department Store
George's Department Store Is a Merchandising Company

question 86

Multiple Choice

George's Department Store
George's Department Store is a merchandising company that uses the periodic inventory system.Selected account balances are listed below:
$$\begin{array} { l r } \text { Sales } & \$ 200,000 \\\text { Purchases } & 90,000 \\\text { Inventory (beginning) } & 23,000 \\\text { Inventory (ending) } & 17,000 \\\text { Purchase returns and allowances } & 3,000 \\\text { Purchase discounts } & 7,000 \\\text { Transportation-in } & 4,000 \\\text { Sales discounts } & 8,000 \\\text { Sales returns and allowances } & 5,000\end{array}$$
-Refer to the account information for George's Department Store. Calculate cost of goods purchased.

• A)$ 84,000
• B)$ 90,000
• C)$ 103,000
• D)$ 117,000

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