At the beginning of Year 2, Donald Company had $8,600 of inventory on hand. During the accounting period Donald purchased inventory costing $34,000 and sold inventory for $42,800. Operating expenses were $5,600 during the accounting period. A physical count of inventory on December 31, Year 2 revealed $7,600 of inventory on hand. Based on this information, cost of goods available for sale is Multiple Choice O $7,600 O $42,600. O $35,000. $13,200.
At the beginning of Year 2, Donald Company had $8,600 of inventory on hand. During the accounting period Donald purchased inventory costing $34,000 and sold inventory for $42,800. Operating expenses were $5,600 during the accounting period. A physical count of inventory on December 31, Year 2 revealed $7,600 of inventory on hand. Based on this information, cost of goods available for sale is Multiple Choice O $7,600 O $42,600. O $35,000. $13,200.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Transcribed Image Text:At the beginning of Year 2, Donald Company had $8,600 of inventory on hand. During the accounting
period Donald purchased inventory costing $34,000 and sold inventory for $42,800. Operating
expenses were $5,600 during the accounting period. A physical count of inventory on December 31,
Year 2 revealed $7,600 of inventory on hand. Based on this information, cost of goods available for sale
is
Multiple Choice
O
$42,600.
$7,600
$35,000.
$13,200.
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