A Company That Uses the Periodic Inventory System Provided the Following

question 76

Multiple Choice

A company that uses the periodic inventory system provided the following information:
1.Beginning inventory $6,000
2.Purchases $130,000
3.Purchase discounts $2,400
4.Purchase returns and allowances $600
At the end of the period,the company does an inventory count and finds $16,000 worth of inventory on hand.What is the amount of cost of goods sold?

• A)$117,000
• B)$104,200
• C)$149,000
• D)$128,800

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