Correct Answer Summit Supplies has the followingtransaction data: beginning inventory$7,200, purchases $59,000, purchasereturns $3,000, freight-in $2,800, andending inventory $9,500. What is thecost of goods sold?a) $56,500 b) $58,200 c) $59,300 d)$60,700

Provided Data:Beginning Inventory = $7,200Purchases = $59,000Purchase Returns = $3,000Freight-In =…

Answered: Summit Supplies has the following…

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter6: Cost Of Goods Sold And Inventory

Section: Chapter Questions

Problem 7MCQ

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Summit Supplies has the following transaction data: beginning inventory $7,200, purchases $59,000, purchase returns $3,000, freight-in $2,800, and ending inventory $9,500. What is the cost of goods sold? a) $56,500 b) $58,200 c) $59,300 d) $60,700