Goldman Inc - How Much Will Goldman Report as Cost of Goods

question 112

Multiple Choice

Goldman Inc.
The following is from Goldman Inc.'s 2017 income statement.

$$\begin{array} { l r } \text { Purchases } & \$ 172,000 \\\text { Transportation-in } & 11,000 \\\text { Inventory, January 1, 2017 } & 26,500 \\\text { Inventory, December 31, 2017 } & 28,800 \\\text { Purchase returns and allowances } & 8,400\end{array}$$
- How much will Goldman report as cost of goods purchased in its 2017 income statement?

• A)$174,600
• B)$183,000
• C)$180,400
• D)None of these choices

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Definitions:

Pounds

A unit of weight commonly used in the United States and the British imperial system, equivalent to 0.453592 kilograms.

Consistent

In the context of systems of equations, a property indicating that the system has at least one solution.

Inconsistent

Describes a system of equations that has no solution because the equations represent parallel lines which never intersect.

Graph

A schematic that depicts a setup of ties or connections among multiple objects through distinctive indicators like dots, lines, and bars.