A Company That Uses the Periodic Inventory Provides the Following

question 95

Multiple Choice

A company that uses the periodic inventory provides the following information: 1.Beginning Inventory $15,000
2) Net Purchases $93,000
At the end of the period,the physical count of inventory reveals that $13,000 of inventory is on hand.
What is the amount of cost of goods sold?

• A) $93,000
• B) $121,000
• C) $95,000
• D) $80,000

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Definitions:

Wind Erosion

The process of removing soil particles by wind, leading to land degradation and a loss of soil fertility.

Canadian Prairies

A vast geographical region in Western Canada known for its flat terrain and grassy landscapes, crucial for agriculture and home to many species of plants and animals.

Cultivated Land

Land that has been prepared and used for crop production through plowing, sowing, and managing crops.

Conventional Tillage

A traditional farming method involving the plowing of land to prepare for sowing seeds, which can lead to soil erosion.