A Company That Uses the Periodic Inventory System Provided the Following

question 154

Multiple Choice

A company that uses the periodic inventory system provided the following information:
1.Beginning inventory $5,000
2.Purchases $130,000
3.Purchase discounts $2,000
4.Purchase returns and allowances $600
At the end of the period,the company does an inventory count and finds $16,000 worth of inventory on hand.What is the amount of cost of goods sold?

• A)$116,400
• B)$132,400
• C)$148,400
• D)$127,400

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Definitions:

Test-Retest Reliability

The consistency of a test's results over time when the same participants take the same test again under similar conditions.

Thematic Apperception Test

A projective psychological test designed to reveal a person's social drives or needs by their interpretation of a series of pictures of emotionally ambiguous situations.

Projective Test

A type of psychological test in which the subject’s responses to ambiguous or unstructured material are analyzed to uncover underlying attitudes, emotions, or personality traits.

Longitudinal Study

A research method that studies the same participants multiple times over a period of time.