A Company That Uses the Periodic Inventory System Provided the Following

question 26

Multiple Choice

A company that uses the periodic inventory system provided the following information: 1. Beginning inventory $4,000
2) Purchases $150,000
3) Purchase discounts $2,300
4) Purchase returns and allowances $700
At the end of the period, the physical count of inventory reveals that $17,000 worth of inventory is on hand. What is the amount of cost of goods sold?

• A) $134,000
• B) $151,000
• C) $168,000
• D) $147,000

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Definitions:

Deep Sleep

A stage of sleep characterized by slow brain waves, minimal bodily movement, and reduced response to external stimuli.

Brain Disorders

Conditions that impact the brain's structure and function, impairing mental processes and behaviors.

Sensory Receptors

Cells or structures specialized to detect changes in the environment and convey the information to the nervous system.

Ruffini End Organ

Receptor located deep in the dermis and responding to continuous touch or pressure. Named for Italian histologist Angelo Ruffini (1864–1929).