Use This Information to Answer the Following Question

question 73

Multiple Choice

Use this information to answer the following question. In addition, beginning merchandise inventory was $22,000 and ending merchandise inventory was $14,000.
Cost of goods sold for the period was

• A) $62,000.
• B) $50,000.
• C) $76,000.
• D) $46,000.

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Definitions:

Reimburse

To pay back or compensate someone for expenses incurred or losses suffered.

Bounce

The return of a paper check or electronic funds transfer due to insufficient funds in the account it was drawn on.

Liable

Being legally responsible or answerable for an act or a circumstance, often involving damage or injury.

Uncertified Check

An uncertified check is a personal or business check that has not been verified or guaranteed by the bank upon which it is drawn, as opposed to a certified check.