Assuming the Use of the Periodic Inventory System,use the Data

question 12

Essay

Assuming the use of the periodic inventory system,use the data below to calculate the net cost of purchases and the goods available for sale for the year ended December 31,2010.
$\begin{array}{lr}\text {Merchandise Inventory, December 31, 2009 }&\$2,307\\\text { Merchandise Inventory, December 31, 2010}&2,041\\\text {Cost of Goods Sold}&7,604\\\end{array}$

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Definitions:

Unemployment

This indicates the condition of being jobless despite the willingness and capability to work, measured as a percentage of the labor force.

Health Maintenance Organizations

A type of health insurance plan that provides a network of doctors and hospitals for patient care, often with an emphasis on prevention and wellness.

Lower Wages

Reduced compensation for work performed, often relative to previous levels or compared to industry standards.

Unions

Organizations of workers that try to raise wages and improve working conditions for their members by bargaining collectively.