Cobb Company's accounting records show the following at the year ending onDecember 31, 2015:Purchase Discounts $ 11,200Freight In15,600-Purchases402,000BeginningInventoryEnding Inventory47,00057,600Purchase Returns12,800Using the periodic system, the cost of goods sold isO a) $404,200.O b) $378,000.$393,600.O d) $383,000.

Cost of goods sold = Cost of goods available for sale - Ending inventory where, Cost of goods…

Cobb Company's accounting records show the following at the year ending on December 31, 2015: Purchase Discounts $ 11,200 Freight - In 15,600 Purchases 402,000 Beginning Inventory 47,000 Ending Inventory 57,600 Purchase Returns 12,800 Using the periodic system, the cost of goods sold is a) $404,200. b) $378,000. c) $393,600. O d) $383,000.

Cobb Company's accounting records show the following at the year ending on December 31, 2015: Purchase Discounts $ 11,200 Freight - In 15,600 Purchases 402,000 Beginning Inventory 47,000 Ending Inventory 57,600 Purchase Returns 12,800 Using the periodic system, the cost of goods sold is a) $404,200. b) $378,000. c) $393,600. O d) $383,000.

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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