From the Following Details of a Merchandiser,calculate the Cost of Goods

question 144

Multiple Choice

From the following details of a merchandiser,calculate the Cost of Goods Sold.(Assume the merchandiser uses the periodic inventory system. ) $$\begin{array} { | l | r | } \hline \text { Net Sales } & \$ 198,000 \\\hline \text { Purchases } & 92,000 \\\hline \text { Purchase Returns and Allowances } & 1,800 \\\hline \text { Purchase Discounts } & 1,400 \\\hline \text { Freight In } & 1,350 \\\hline \text { Beginning Merchandise Inventory } & 62,000 \\\hline \text { Ending Merchandise Inventory } & 36,000 \\\hline\end{array}$$

• A)$116,150
• B)$62,800
• C)$114,800
• D)$54,150

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Definitions:

Mercury

A chemical element with the symbol Hg and atomic number 80, known for its use in thermometers, fluorescent lighting, and dental amalgams.

Aneroid

Refers to a type of barometer that measures air pressure without using liquid.

Dehydration

A condition resulting from excessive loss of body water, affecting bodily functions.

Foley Catheter

A sterile tube inserted into the bladder to drain urine, commonly used in medical settings for patients who cannot urinate independently.