ClearEyes Inc.reported beginning inventory of $20,000.During the period, purchases were $140,000; purchase returns, $4,000; and freight in $10,000.A physical count of inventory at the end of the period revealed that $30,000 was still on hand.The cost of goods available for sale was
A)$156,000.
B)$164,000.
C)$166,000.
D)$184,000.

Question

Quizplus · Accepted Answer

The cost of goods available for sale is calculated as: Beginning Inventory + Purchases - Purchase Returns + Freight In = $20,000 + $140,000 - $4,000 + $10,000 = $166,000.