A company that uses the periodic inventory system provided the following information:
1.Beginning inventory $6,000
2.Purchases $130,000
3.Purchase discounts $2,400
4.Purchase returns and allowances $600
At the end of the period,the company does an inventory count and finds $16,000 worth of inventory on hand.What is the amount of cost of goods sold?
A) $117,000
B) $104,200
C) $149,000
D) $128,800
Correct Answer:
Verified
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