Calculate the Cost of Goods Sold for a Merchandiser Using

question 102

Multiple Choice

Calculate the cost of goods sold for a merchandiser using the periodic inventory system from the following details. $$\begin{array} { | l | r| } \hline \text { Purchases } & \$ 510,000 \\\hline \text { Beginning Merchandise Inventory } & 175,000 \\\hline \text { Purchase Returns and Allowances } & 50,000 \\\hline \text { Purchase Discounts } & 12,000 \\\hline \text { Freight In } & 18,000 \\\hline \text { Ending Merchandise Inventory } & 160,000 \\\hline\end{array}$$

• A)$510,000
• B)$481,000
• C)$499,000
• D)$801,000

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