Calculate the Cost of Goods Sold for a Merchandiser Using

question 166

Multiple Choice

Calculate the cost of goods sold for a merchandiser using the periodic inventory system from the following details. $$\begin{array} { | l | r | } \hline \text { Purchases } & \$ 510,000 \\\hline \text { Beginning Merchandise } & \\\text { Inventory } & 180,000 \\\hline \text { Purchase Returns and } & \\\hline \text { Allowances } & 50,000 \\\hline \text { Purchase Discounts } & 14,000 \\\hline \text { Freight In } & 15,000 \\\hline \text { Ending Merchandise Inventory } & 180,00 \\\hline\end{array}$$

• A) $510,000
• B) $461,000
• C) $476,000
• D) $821,000

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Definitions:

Collective Conscience

The shared beliefs, morals, and attitudes that operate as a unifying force within society.

Latent Function

Unintended and often unrecognized outcomes that contribute to the adjustment or adaptation of a system.

Marxian

Related to the theories and writings of Karl Marx, especially with respect to his analysis of society, politics, and economics.

Capitalist Economy

An economic system where trade, industries, and the means of production are largely or entirely owned and operated by private individuals or businesses aiming for profit.