A Corporation Compiled the Information Given Below for Their Auditor

question 9

Multiple Choice

A corporation compiled the information given below for their auditor. The corporation uses a periodic inventory system. $\begin{array} { | l | l | l | } \hline & 2001 & 2002 \\\hline \text { Purchases } & \$ 240 & \$ 160 \\\hline \text { Goods out on consignment } & 0 & 80 \\\hline \text { Beginning inventory } & 900 & ? \\\hline \text { Ending inventory } & ? & ? \\\hline \text { Physical inventory count } & \text { Unavailable } & 240 \\\hline \text { Cost of goods sold } & 360 & ? \\\hline\end{array}$
What was the amount of cost of goods sold for 2002?

• A) $620
• B) $700
• C) $780
• D) $900

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