Multiple Choice$349,800.$347700.$336.264.$317.464.Prev3 of 15Next > 1-Chapter 8SavedHelpSave & ExitCinnamon Buns Co. (CBC) started 2021 with $52,400 of merchandise on hand. During 2021, $288,000 in merchandise was purchased onaccount with credit terms of 4/10 n/30. All discounts were taken. Purchases were all made f.o.b. shipping point. CBC paid freight charges of$9.400. Merchandise with an invoice amount of $2,100 was returned for credit. Cost of goods sold for the year was $306,000. CBC uses aperpetual inventory system.What is cost of goods available for sale, assuming CBC uses the gross method?Multiple Choice$349.800.$347.700.< Prey3 of 15Next >

As per the Perpetual inventory system, inventory is recorded on real-time basis so the cost of goods…

Cinnamon Buns Co. (CBC) started 2021 with $52,400 of merchandise on hand. During 2021, $288,000 in merchandise was purchased on account with credit terms of 4/10 n/30. All discounts were taken. Purchases were alf made f.o.b. shipping point. CBC paid freight charges of $9.400. Merchandise with an invoice amount of $2,100 was returned for credit. Cost of goods sold for the year was $306,000. CBC uses a perpetual inventory system. What is cost of goods available for sale, assuming CBC uses the gross method?

Cinnamon Buns Co. (CBC) started 2021 with $52,400 of merchandise on hand. During 2021, $288,000 in merchandise was purchased on account with credit terms of 4/10 n/30. All discounts were taken. Purchases were alf made f.o.b. shipping point. CBC paid freight charges of $9.400. Merchandise with an invoice amount of $2,100 was returned for credit. Cost of goods sold for the year was $306,000. CBC uses a perpetual inventory system. What is cost of goods available for sale, assuming CBC uses the gross method?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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