The following data is for Atlantis Merchandising, which uses a periodic inventory system: Sales revenue $600,000 Interest revenue 12,000 Freight in 42,000 Beginning inventory 77,000 Purchase discounts 19,000 Sales returns and allowances 33,000 Operating expenses 77,000 Interest expense 9,000 Ending inventory 81,000 Purchases 415,000 Sales discounts 35,000 Omar Atlantis, Withdrawals 71,000 Purchase returns and allowances 39,000 Referring to the table, the cost of goods available for Atlantis Merchandising is: a.$408,000 b.$441,000 c.$434,000 d.$476,000
The following data is for Atlantis Merchandising, which uses a periodic inventory system: Sales revenue $600,000 Interest revenue 12,000 Freight in 42,000 Beginning inventory 77,000 Purchase discounts 19,000 Sales returns and allowances 33,000 Operating expenses 77,000 Interest expense 9,000 Ending inventory 81,000 Purchases 415,000 Sales discounts 35,000 Omar Atlantis, Withdrawals 71,000 Purchase returns and allowances 39,000 Referring to the table, the cost of goods available for Atlantis Merchandising is: a.$408,000 b.$441,000 c.$434,000 d.$476,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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15.The following data is for Atlantis Merchandising, which uses a periodic inventory system:
Referring to the table, the cost of goods available for Atlantis Merchandising is:
|
Sales revenue |
$600,000 |
|
Interest revenue |
12,000 |
|
Freight in |
42,000 |
|
Beginning inventory |
77,000 |
|
Purchase discounts |
19,000 |
|
Sales returns and allowances |
33,000 |
|
Operating expenses |
77,000 |
|
Interest expense |
9,000 |
|
Ending inventory |
81,000 |
|
Purchases |
415,000 |
|
Sales discounts |
35,000 |
|
Omar Atlantis, Withdrawals |
71,000 |
|
Purchase returns and allowances |
39,000 |
Referring to the table, the cost of goods available for Atlantis Merchandising is:
a.$408,000
b.$441,000
c.$434,000
d.$476,000
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