Answered: ory is $10,000. the merchandise…

ory is $10,000. the merchandise purchases are $110,000, and the ending merchandise inventory is $20,000, then the cost of goods sold must be:

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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Question

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If the beginning merchandise inventory is $10,00o. the merchandise purchases are $110,000, and the ending merchandise inventory is $20,000, then the cost of goods sold must be:
Multiple Cholce
$120,000.
$70,000.
$110,000.
$100.000.

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COGS?