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

question 194

Multiple Choice

From the following details of a merchandiser,calculate the cost of goods sold.(Assume the merchandiser uses the periodic inventory system.) $$\begin{array} { | l | r | } \hline \text { Net Sales Revenue } & \$ 199,000 \\\hline \text { Purchases } & 93,000 \\\hline \text { Purchase Returns and } &\\ \text { Allowances } & 1,600 \\ \hline \text { Purchase Discounts } &1,250 \\ \hline \text { Freight In } &1,650 \\\hline \text { Beginning Merchandise } & \\ \text { Inventory } &63,000 \\\hline \text { Ending Merchandise Inventory } & 38,000\\\hline\end{array}$$

• A) $116,800
• B) $65,150
• C) $115,150
• D) $53,800

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Definitions:

Electrons

Electrons are subatomic particles with a negative electric charge, found in all atoms and acting as the primary carrier of electricity in solids.

Positive Ions

Atoms or molecules that have lost one or more electrons, resulting in a net positive charge.

Gain Electrons

The process by which an atom or a molecule acquires one or more electrons, often leading to a reduction in oxidation state.

Lose Electrons

Refers to the process in which an atom or molecule undergoes oxidation, resulting in the release of electrons.