Assuming That Net Cost of Purchases Was $39,000 During the Year

question 150

Multiple Choice

Assuming that net cost of purchases was $39,000 during the year and that ending merchandise inventory was $1,000 less than the beginning merchandise inventory of $12,500,how much was cost of goods sold?

• A)$50,500
• B)$52,500
• C)$40,000
• D)$38,000

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Definitions:

Trust Receipt

A document that acknowledges the receipt of goods by a person who is borrowing funds from a lender with the goods as collateral, with an agreement to pay the lender back upon the sale of the goods.

Cash Cycle

Also known as the cash conversion cycle, it measures the time it takes for a company to turn its inventory into cash flows from sales.

Accounts Payable Period

The Accounts Payable Period is the average time it takes for a business to pay off its creditors, indicating the efficiency of its payment process.

Use Of Cash

Describes how a business or individual allocates cash resources for various purposes.