A company had purchased inventory for $120,000. Purchases Returns and Allowances were $3,000 and Freight In was $5,000. If the beginning inventory was $60,000 and the ending inventory was $45,000, the cost of merchandise sold is: A) $137,000 B) $132,000 C) $142,000 D) $127,000

A company had purchased inventory for $120,000. Purchases Returns and Allowances were $3,000 and Freight In was $5,000. If the beginning inventory was $60,000 and the ending inventory was $45,000, the cost of merchandise sold is: A) $137,000 B) $132,000 C) $142,000 D) $127,000

Financial And Managerial Accounting

15th Edition

ISBN:9781337902663

Author:WARREN, Carl S.

Publisher:WARREN, Carl S.

Chapter5: Accounting For Retail Businesses

Section: Chapter Questions

Problem 41E: Cost of goods sold and related items The following data were extracted from the accounting records...

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Question

Hello teacher please provide correct answer general accounting question

A company had purchased inventory for $120,000. Purchases Returns and
Allowances were $3,000 and Freight In was $5,000. If the beginning inventory
was $60,000 and the ending inventory was $45,000, the cost of merchandise
sold is:
A) $137,000
B) $132,000
C) $142,000
D) $127,000

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