What will be the cost of goods sold? a.275000b.280000c.All the options wrongd.560000e.295000 The following information relates to Suleiman & Sons LLC.Cash In Hand16,000Carriage Inwards 35000Sales Returns4,000Return Outwards 15000Office Expense18,50018,100office Equipment Maintenance 4000Marketing Expense 3500Advertising Expense 16000Sales328,000Rent ReceivedInterest Revenue 14,600Office Rent14,000Salesman Salary 3,200Office Insurance Expense 4,500Internet Charges600Dividend Income 15200Opening StockPurchases75000Commission Income 18400210000Closing Stock45,000Direct Wages15000Use the above information and answer 29, 30 and 31 MCQS

Solution: Cost of goods sold = Opening stock+ Purchases + Carriage inwards - Returns outwards -…

Answered: What will be the cost of goods sold?…

Business

Accounting

What will be the cost of goods sold? a. 275000 b. 280000 c. All the options wrong d. 560000 e. 295000

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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Concept explainers

Bookkeeping

Bookkeeping is the process of recording the financial transactions of a company on a regular basis. With the process of bookkeeping, companies can track important financial information that helps management in making crucial decisions.

Question

What will be the cost of goods sold?

275000

280000

All the options wrong

560000

295000

The following information relates to Suleiman & Sons LLC.
Cash In Hand
16,000
Carriage Inwards 35000
Sales Returns
4,000
Return Outwards 15000
Office Expense18,500
18,100office Equipment Maintenance 4000
Marketing Expense 3500
Advertising Expense 16000
Sales
328,000
Rent Received
Interest Revenue 14,600
Office Rent
14,000
Salesman Salary 3,200
Office Insurance Expense 4,500
Internet Charges
600
Dividend Income 15200
Opening Stock
Purchases
75000
Commission Income 18400
210000
Closing Stock45,000
Direct Wages
15000
Use the above information and answer 29, 30 and 31 MCQS

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