Under a Periodic Inventory System, If Inventory at the Start

question 7

Multiple Choice

Under a periodic inventory system, if inventory at the start of the period is $15 000, purchases for the period are $73 000 and inventory at the end of the period, as per a physical stocktake is $20 000, what is the estimated cost of sales?

• A) $68 000
• B) $108 000
• C) $88 000
• D) $53 000

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Definitions:

Witchcraft

Describes the practice of magical skills, spells, and abilities, historically subject to persecution and trials, especially in Early Modern Europe and colonial America.

New Englanders

Residents of the New England region of the United States, known for their unique cultural, historical, and social attributes.

Indians

generally refers to the people of India, a country in South Asia with a diverse culture, or can also denote the indigenous peoples of the Americas, often used historically.