For the Current Fiscal Year, Purchases Were $245,000, Purchase Returns

question 14

Multiple Choice

For the current fiscal year, Purchases were $245,000, Purchase Returns and Allowances were $8,600, Purchase Discounts were $2,200 and Freight In was $32,000. If the beginning merchandise inventory was $60,000 and the ending merchandise inventory was $75,000, the Cost of Goods Sold is:

• A) $266,200
• B) $281,200
• C) $272,800
• D) $251,200

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