Streif Incorporated, a local retailer, has provided the following data for the month of June: Merchandise inventory, beginning balance $ 46,000 Merchandise inventory, ending balance $ 52,000 Sales $ 260,000 Purchases of merchandise inventory $ 128,000 Selling expense $ 13,000 Administrative expense $ 40,000 The cost of goods sold for June was: a)128,000 b)181,000 c)122,000 d)134,000
Streif Incorporated, a local retailer, has provided the following data for the month of June: Merchandise inventory, beginning balance $ 46,000 Merchandise inventory, ending balance $ 52,000 Sales $ 260,000 Purchases of merchandise inventory $ 128,000 Selling expense $ 13,000 Administrative expense $ 40,000 The cost of goods sold for June was: a)128,000 b)181,000 c)122,000 d)134,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Streif Incorporated, a local retailer, has provided the following data for the month of June:
Merchandise inventory, beginning balance | $ 46,000 |
---|---|
Merchandise inventory, ending balance | $ 52,000 |
Sales | $ 260,000 |
Purchases of merchandise inventory | $ 128,000 |
Selling expense | $ 13,000 |
Administrative expense | $ 40,000 |
The cost of goods sold for June was:
a)128,000
b)181,000
c)122,000
d)134,000
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