Gould Shoe Store has a beginning inventory of €45,000. During the period, purchases were €210,000; purchase returns, €6,000; and freight-in €15,000. 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

Question

Quizplus · Accepted Answer

Cost of goods available for sale = beginning inventory + purchases + freight-in - purchase returns
= €45,000 + €210,000 + €15,000 - €6,000
= €264,000. Therefore, the answer is Choice C.

Gould Shoe Store Has a Beginning Inventory of €45,000