Use the following financial information to find the entry you would make on an income statement for COST OF GOODS SOLD for the year ended December 31, 2011: Gross Sales, $241,000; Sales Returns and Allowances, $5,200; Sales Discounts, $1,000; Merchandise Inventory, January 1, 2011, $62,900; Merchandise Inventory, December 31, 2011, $70,200; net purchases, $95,800; Freight In, $525; Salaries,
$93,200; Rent, $17,900; Utilities, $1,125; Insurance, $2,025; and Income Tax, $16,950.
A) $159,225
B) $70,200
C) $89,025
D) $114,250
C
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