A retailer uses the periodic inventory system. At year end, the following information was available: Beginning inventory, $52,000; Freight out, $11,500; Purchase returns, $19,500; Ending inventory, $71,400; Freight in, $16,300, and Purchases, $556,000. What was the retailer’s cost of goods sold for the year?Select one:a.$531,900b.$542,200c.$533,400d.$532,100e.$531,800 A retailer uses the periodic inventory system. At year end, the following information wasavailable: Beginning inventory, $52,000; Freight out, $11,500; Purchase returns, $19,500;Ending inventory, $71,400; Freight in, $16,300, and Purchases, $556,000. What was theretailer's cost of goods sold for the year?Select one:a.$531,900O b. $542,200Ос. $533,400O d. $532,100Ос.О е.$531,800

Name: A retailer uses the periodic inventory system. At year end, the follow
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Description: A retailer uses the periodic inventory system. At year end, the following information was available: Beginning inventory, $52,000; Freight out, $11,500; Purchase returns, $19,500; Ending inventory, $71,400; Freight in, $16,300, and Purchases, $556,00

The following date is given: Beginning Inventory: $52,000Purchases: 556,000Freight in: $16,300…

Answered: A retailer uses the periodic inventory…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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A retailer uses the periodic inventory system. At year end, the following information was available: Beginning inventory, $52,000; Freight out, $11,500; Purchase returns, $19,500; Ending inventory, $71,400; Freight in, $16,300, and Purchases, $556,000. What was the retailer’s cost of goods sold for the year?

Select one:

$531,900

$542,200

$533,400

$532,100

$531,800

A retailer uses the periodic inventory system. At year end, the following information was
available: Beginning inventory, $52,000; Freight out, $11,500; Purchase returns, $19,500;
Ending inventory, $71,400; Freight in, $16,300, and Purchases, $556,000. What was the
retailer's cost of goods sold for the year?
Select one:
a.
$531,900
O b. $542,200
Ос. $533,400
O d. $532,100
Ос.
О е.
$531,800

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