Haack Incorporated is a merchandising company. Last month the company's cost of goods sold was $65,500. The company's beginning merchandise inventory was $19,400 and its ending merchandise inventory was $26,600. What was the total amount of the company's merchandise purchases for the month?
A) $65,500
B) $58,300
C) $72,700
D) $111,500

Question

Quizplus · Accepted Answer

Merchandise purchases = Cost of goods sold + Ending inventory - Beginning inventory
= $65,500 + $26,600 - $19,400
= $72,700

Haack Incorporated Is a Merchandising Company