On November 1,2019,Alpha Omega,Inc.sold merchandise for $12,000,FOB destination,with payment terms,n/30.The cost of goods sold was $3,840.On November 3,the customer returns on this sale amounted to $4,800.The company received the balance on November 9,2019.Calculate the cost of goods sold from these transactions.

Question

Quizplus · Accepted Answer

D) On the November 1 sale, the cost of goods sold is 32% of the selling price ($3,840/$12,000)
Cost of goods sold = $3,840 - ($4,800 × 32%)
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