Horse Creek Company had beginning inventory of $34,000,purchases of $210,000,purchase returns of $13,000,and ending inventory of $40,000.What was the cost of goods sold?

Question

Quizplus · Accepted Answer

Cost of Goods Sold = Beginning Inventory + Purchases - Purchase Returns - Ending Inventory
Cost of Goods Sold = $34,000 + $210,000 - $13,000 - $40,000
Cost of Goods Sold = $191,000
Therefore, the correct answer is D.

Horse Creek Company Had Beginning Inventory of $34,000,purchases of $210,000,purchase