Assuming the periodic inventory method is used for the current year, the following data were taken from the accounting records:
What was the cost of goods available for sale?
A) $620,000.
B) $530,000.
C) $580,000.
D) $584,000.

Question

Assuming the periodic inventory method is used for the current year, the following data were taken from the accounting records:
 What was the cost of goods available for sale?
A) $620,000. 
B) $530,000. 
C) $580,000. 
D) $584,000.

Quizplus · Accepted Answer

Cost of goods available for sale = $500,000 - 8,000 + 2,000 + 90,000 = $584,000.

Assuming the Periodic Inventory Method Is Used for the Current