A company had purchased inventory for $96,000. Purchases Returns and Allowances were $2,000 and Freight In was $4,000. If the beginning inventory was $50,000 and the ending inventory was $40,000, the cost of merchandise sold is A) $108,000 B) $88,000 C) $128,000 D) $112,000 E) None of the above

A company had purchased inventory for $96,000. Purchases Returns and Allowances were $2,000 and Freight In was $4,000. If the beginning inventory was $50,000 and the ending inventory was $40,000, the cost of merchandise sold is A) $108,000 B) $88,000 C) $128,000 D) $112,000 E) None of the above

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter5: The Income Statement And The Statement Of Cash Flows

Section: Chapter Questions

Problem 3RE: Shaquille Corporation began the current year with inventory of 50,000. During the year, its...

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A company had purchased inventory for $96,000. Purchases Returns
and Allowances were $2,000 and Freight In was $4,000. If the beginning
inventory was $50,000 and the ending inventory was $40,000, the cost
of merchandise sold is
A) $108,000
B) $88,000
C) $128,000
D) $112,000
E) None of the above

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