Mustang Corporation has accumulated the following accounting data for the month of April: The cost of goods sold for the year is:
A)$169,300.
B)$108,900.
C)$59,700.
D)$120,100.
E)$144,700.

Question

Mustang Corporation has accumulated the following accounting data for the month of April:  The cost of goods sold for the year is:
A)$169,300. 
B)$108,900. 
C)$59,700. 
D)$120,100. 
E)$144,700.

Quizplus · Accepted Answer

Cost of goods sold = beginning inventory + purchases - ending inventory
Beginning inventory = $32,400
Purchases = $135,900
Ending inventory = $48,200
Cost of goods sold = $32,400 + $135,900 - $48,200 = $120,100.

Mustang Corporation Has Accumulated the Following Accounting Data for the Month