A Company That Uses the Periodic Inventory Provides the Following

question 96

Multiple Choice

A company that uses the periodic inventory provides the following information:
1.Beginning Inventory $11,000
2.Net Purchases $95,000
At the end of the period,the company does an inventory count and finds $10,000 of inventory on hand.
What is the amount of cost of goods sold?

• A)$95,000
• B)$116,000
• C)$96,000
• D)$85,000

---

Definitions:

Government Entities

Organizations or institutions that are part of the public sector, operated by the government at the federal, state, or local level, and responsible for implementing laws and policies.

Enter Bills

The process of recording invoices from suppliers or creditors in the accounting system, often as a precursor to issuing payments.

Receive Payments

The process of collecting money from customers or clients against invoices or bills, marking them as paid.

Pay Bills

The action of settling obligations or invoices owed to suppliers by a business, often through a specific module or function within accounting software.