Following are the account balances from Canarsie Company's income statement: Inventory, January 1 . 2014 ............................ $30,000 Purchases ............................................. 40,000 Purchase Returns and Allowances ....................... 5,000 Purchase Discounts .................................... 4,000 Freight-In ............................................ 5,000
Inventory, December 31 . 2014 .......................... 15,000 Freight-Out ........................................... 6,000 Given this information, the cost of goods sold during 2014 is
a. $51,000.
b. $46,000.
c. $56,000.
d. $66,000.
A
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