Answered: Max Corporation has sales of $75,000,…

Max Corporation has sales of $75,000, beginning inventory of $15,000, purchases of $50,000, and ending inventory of $12,000. The cost of goods sold is A. $53,000 B. $45,000 C. $21,000 D. $41,000

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter5: The Income Statement And The Statement Of Cash Flows

Section: Chapter Questions

Problem 2MC: The following information is available for Cooke Company for the current year: The gross margin is...

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Question

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The cost of good sold

Max Corporation has sales of $75,000, beginning inventory
of $15,000, purchases of $50,000, and ending inventory of
$12,000.
The cost of goods sold is
A. $53,000
B. $45,000
C. $21,000
D. $41,000

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