Assuming the periodic inventory method is used for the current period, the following data
Beginning inventory was $12,000 and ending inventory was $15,000. What was cost of goods purchased?
A) $55,000.
B) $54,050.
C) $54,850.
D) $52,950.

Question

Assuming the periodic inventory method is used for the current period, the following data
 Beginning inventory was $12,000 and ending inventory was $15,000. What was cost of goods purchased?
A) $55,000. 
B) $54,050. 
C) $54,850. 
D) $52,950.

Quizplus · Accepted Answer

Cost of net purchases = $55,000 - 950 + 800 = $54,850.

Assuming the Periodic Inventory Method Is Used for the Current