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:

Sympathetic Nervous System

Part of the autonomic nervous system that activates what is often termed the fight or flight response.

Behavioral Reactions

Observable responses to stimuli, reflecting the actions or behaviors of an organism in response to environmental or internal stimuli.

Emotion

A complex state of feeling that results in physical and psychological changes influencing thought and behavior.

Conflict Situation

A situation where two or more parties have opposing interests, goals, or values, leading to a disagreement or dispute.