The following is from Goldman Inc.'s 2016 income statement. $$\begin{array} { l r }
\text { Purchases } & \$ 172,000 \
\text { Transportation-In } & 11,000 \
\text { Inventory, January 1,2016 } & 26,500 \
\text { Inventory, December 31,2016 } & 28,800 \
\text { Purchase Returns and Allowances } & 8,400
\end{array}$$ ? How much will Goldman report as its cost of goods sold in its 2016 income statement?
A) $172,300
B) None of these choices
C) $161,500
D) $161,300

Question

The following is from Goldman Inc.'s 2016 income statement. $$\begin{array} { l r } 
\text { Purchases } & \$ 172,000 \
\text { Transportation-In } & 11,000 \
\text { Inventory, January 1,2016 } & 26,500 \
\text { Inventory, December 31,2016 } & 28,800 \
\text { Purchase Returns and Allowances } & 8,400
\end{array}$$ ? How much will Goldman report as its cost of goods sold in its 2016 income statement?
A) $172,300
B) None of these choices
C) $161,500
D) $161,300

Quizplus · Accepted Answer

The Answer of The following is from Goldman Inc.'s 2016 income statement. $$\begin{array} { l r } 
\text { Purchases } & \$ 172,000 \
\text { Transportation-In } & 11,000 \
\text { Inventory, January 1,2016 } & 26,500 \
\text { Inventory, December 31,2016 } & 28,800 \
\text { Purchase Returns and Allowances } & 8,400
\end{array}$$ ? How much will Goldman report as its cost of goods sold in its 2016 income statement?
A) $172,300
B) None of these choices
C) $161,500
D) $161,300

The Following Is from Goldman Inc ? How Much Will Goldman Report as Its Cost of