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

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter13: Accounting For Merchandise Inventory

Section: Chapter Questions

Problem 4CE: Kulsrud Company would like to estimate the current inventory level. Using the gross profit method...

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Please Give me Answer with correct option give calculation

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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