Hanson Company Uses a Periodic Inventory System

question 92

Multiple Choice

Hanson Company uses a periodic inventory system. For 2014, its beginning inventory was $74,000; purchases of inventory were $328,000; and inventory at the end of the period was $89,000. What was the amount of Hanson's cost of goods sold for 2014?

• A) $343,000
• B) $328,000
• C) $313,000
• D) $165,000

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Definitions:

Estimates Values

An approximation of the worth of goods, services, or financial instruments calculated through analysis or assessment techniques.

High-value

Describes goods, services, or properties that possess a significant worth or quality compared to others of a similar nature.

Winning Price

The final price at which a good or service is sold in an auction or competitive bidding process.

Low-value

Describes goods or services that have minimal worth or importance, often reflected in their low price or perceived utility.