Classic Autos Specializes in Selling Gently Used Specialty Sports Cars

question 9

Multiple Choice

Classic Autos specializes in selling gently used specialty sports cars and uses the specific identification method of determining ending inventory and cost of goods sold.Item 507K was sold for $90,000.Classic purchased the sports car for $51,000 and paid $1,300 for freight in and $1,400 for freight out.What is the cost of goods sold?

• A) $37,700
• B) $52,300
• C) $52,400
• D) $51,000

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