A company, using the periodic inventory system, has merchandise inventory costing $175 on hand at the beginning of the period. During the period, merchandise costing $635 is purchased. At year-end, merchandise inventory costing $160 is on hand. The cost of merchandise sold for the year is
A) $970
B) $650
C) $300
D) $620
B
Business
You might also like to view...
Discuss the functions of any two preliminary parts of a report.
What will be an ideal response?
Business
When an adjusting entry is made debiting an expense account, the credit can be made to any of the following accounts except
A) a liability. B) a contra-asset account. C) an asset. D) a revenue.
Business
Sales mix is the relative combination of
A) inputs required to produce a product B) outputs produced by a firm C) products sold by a firm D) distribution channels used by a firm E) resources used to produce a product
Business
Describe the term “float.”
What will be an ideal response?
Business