Goldblum Company has the following account balances: $$\begin{array} { l r }
\text { Purchases } & \$ 96,000 \
\text { Sales Returns and Allowances } & 12,800 \
\text { Purchase Discounts } & 8,000 \
\text { Freight-In } & 6,000 \
\text { Delivery Expense } & 10,000
\end{array}$$ The cost of goods purchased for the period is
A) $80,800.
B) $88,000.
C) $94,000.
D) $104,000.

Question

Goldblum Company has the following account balances: $$\begin{array} { l r } 
\text { Purchases } & \$ 96,000 \
\text { Sales Returns and Allowances } & 12,800 \
\text { Purchase Discounts } & 8,000 \
\text { Freight-In } & 6,000 \
\text { Delivery Expense } & 10,000
\end{array}$$ The cost of goods purchased for the period is
A) $80,800.
B) $88,000.
C) $94,000.
D) $104,000.

Quizplus · Accepted Answer

The cost of goods purchased is calculated as Purchases + Freight-In - Purchase Discounts = $96,000 + $6,000 - $8,000 = $94,000.

Goldblum Company Has the Following Account Balances The Cost of Goods Purchased for the Period Is A)

Goldblum Company Has the Following Account Balances The Cost of Goods Purchased for the Period Is
A)