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, $180,000; Sales Returns and Allowances, $9,000; Sales Discounts, $6,300; Merchandise Inventory, January 1, 2011, $60,900; Merchandise Inventory, December 31, 2011, $66,700; Net Purchases, $58,300; Freight In, $600; Salaries,
$84,700; Rent, $22,000; Utilities, $1,125; Insurance, $2,025; and Income Tax, $17,750.
A) $45,985
B) $30,800
C) $53,100
D) $65,754
C
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Indicate whether the statement is true or false
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A) 8,500 units B) 2,975 units C) 1,041 units D) 170,000 units
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A. 4 B. 8 C. 10 D. 12