Table 17-1
Iredell Company Has Gathered the Following Information $\text { Relates to the purchase of merchandise only }$

question 167

Multiple Choice

Table 17-1
Iredell Company has gathered the following information:
$\begin{array}{ll}\text { Beginning inventory } & \$ 150,000 \\\text { Ending inventory } & 135,000 \\\text { Beginning accounts payable* } & 72,500 \\\text { Ending accounts payable* } & 81,700 \\\text { Cost of goods sold } & 368,000 \\\text { Credit sales } & 572,100\end{array}$ * $\text { Relates to the purchase of merchandise only }$
-Refer to Table 17-1.The total purchases of merchandise for the period were:

• A) $425,500
• B) $368,000
• C) $353,000
• D) $343,800

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Definitions:

Linearly

In a manner involving straight lines or in direct proportion.

Correlation

An index quantifying how two variables co-vary, showing both how strong their link is and in what manner they are related.

Time in Hours

A measurement of time duration represented in hours.

Minutes

A unit of time equal to sixty seconds or one-sixtieth of an hour.