[The Following Information Applies to the Questions Displayed Below

question 47

Multiple Choice

[The following information applies to the questions displayed below.]
Soriano Company had net sales of $300,000 for the month (after returns and allowances of $1,500 and sales discounts of $3,250) .Beginning inventory for the month was $60,000;purchases for the month were $175,000;and gross profit was 43%.
-Refer to the information above.What was the cost of goods sold for the month?

• A)$129,000
• B)$171,000
• C)$235,000
• D)$304,750

---

Definitions:

Ordinance

An order, rule, or law enacted by a municipal or county government to govern a local matter as allowed by state or federal legislation.

Federal Statute

A law enacted by the national government.

Administrative Agencies

Governmental bodies responsible for the oversight and administration of specific functions, often involved in regulating various sectors of public and private activity.

Adjudication

The legal process of resolving a dispute or deciding a case.