McKendrick Shoe Store has a beginning inventory of $45,000.During the period, purchases were $195,000; 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

The cost of goods available for sale can be calculated using the following formula:

Beginning Inventory + Purchases + Freight-In - Purchase Returns = Cost of Goods Available for Sale

Plugging in the given values:

$45,000 + $195,000 + $15,000 - $6,000 = $249,000

Therefore, the cost of goods available for sale is $249,000.

The best choice is D, as it is the only option that matches the calculated value.

McKendrick Shoe Store Has a Beginning Inventory of $45,000