The following data is for Atlantis Merchandising, which uses a periodic inventory system: Sales revenue $600,000 Interest revenue 12,000 Freight in 42,000 Beginning inventory 77,000 Purchase discounts 19,000 Sales returns and allowances 33,000 Operating expenses 77,000 Interest expense 9,000 Ending inventory 81,000 Purchases 415,000 Sales discounts 35,000 Omar Atlantis, Withdrawals 71,000 Purchase returns and allowances 39,000 Referring to the table, the cost of goods available for Atlantis Merchandising is: a.$408,000 b.$441,000 c.$434,000 d.$476,000
The following data is for Atlantis Merchandising, which uses a periodic inventory system: Sales revenue $600,000 Interest revenue 12,000 Freight in 42,000 Beginning inventory 77,000 Purchase discounts 19,000 Sales returns and allowances 33,000 Operating expenses 77,000 Interest expense 9,000 Ending inventory 81,000 Purchases 415,000 Sales discounts 35,000 Omar Atlantis, Withdrawals 71,000 Purchase returns and allowances 39,000 Referring to the table, the cost of goods available for Atlantis Merchandising is: a.$408,000 b.$441,000 c.$434,000 d.$476,000
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter6: Cost Of Goods Sold And Inventory
Section: Chapter Questions
Problem 6MCQ: Refer to the information for Morgan Inc. above. If Morgan uses a perpetual inventory system, what is...
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15.The following data is for Atlantis Merchandising, which uses a periodic inventory system:
Referring to the table, the cost of goods available for Atlantis Merchandising is:
|
Sales revenue |
$600,000 |
|
Interest revenue |
12,000 |
|
Freight in |
42,000 |
|
Beginning inventory |
77,000 |
|
Purchase discounts |
19,000 |
|
Sales returns and allowances |
33,000 |
|
Operating expenses |
77,000 |
|
Interest expense |
9,000 |
|
Ending inventory |
81,000 |
|
Purchases |
415,000 |
|
Sales discounts |
35,000 |
|
Omar Atlantis, Withdrawals |
71,000 |
|
Purchase returns and allowances |
39,000 |
Referring to the table, the cost of goods available for Atlantis Merchandising is:
a.$408,000
b.$441,000
c.$434,000
d.$476,000
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