Bloomington, Inc is a merchandiser of stone ornaments
The company sold 7,000 units during the year. The company has provided the following information:
Sales Revenue $550,000
Purchases (excluding freight in) 304,000
Selling and Administrative Expenses 69,000
Freight In 15,000
Beginning Merchandise Inventory 43,000
Ending Merchandise Inventory 42,000
What is the cost of goods sold for the year?
A) $362,000
B) $320,000
C) $318,000
D) $305,000
B .B) Cost of goods sold = Beginning Merchandise Inventory + Purchases + Freight In - Ending Merchandise Inventory = $43,000 + $304,000 + $15,000 - $42,000 = $320,000
You might also like to view...
When a borrower receives the face amount of a discounted note less the discount, the amount is known as
a. the note proceeds b. the note discount c. the note deferred interest d. the note principal
Which of the following is a backward-looking market metric?
A) customer awareness B) market share C) product trial D) customer satisfaction E) perceptions of relative product quality
What is "fraud in the execution?"
What will be an ideal response?
A letter would be appropriate for which of the following situations?
A) Sending the list of public holidays for the year to all employees B) Alerting employees that a flex-time schedule will go into effect C) Communicating news to a client D) Sending the project schedule to the team E) Dispatching the performance chart of the employees