Use this information to answer the following question. $$\begin{array} {| l | r | r | }
\hline \text { Account Name } & { \text { Debit } } & { \text { Credit } } \
\hline \text { Sales } & & 300,000 \
\text { Sales Retums and Allowances } & 10,000 & \
\text { Purcha5es } & 53,000 & \
\text { Purchases Returns and Allowances } & & 8,000\
\text { Freight-In } & 12,000 & \
\text { Selling Exgenses } & 30,000 & \
\text { General and Administrative Exgenses } & 110,000 &\
\hline
\end{array}$$ In addition,beginning merchandise inventory was $22,000 and ending merchandise inventory was $14,000.
Cost of goods sold for the period was

Question

Use this information to answer the following question. $$\begin{array} {| l | r | r | } 
\hline \text { Account Name } &  { \text { Debit } } & { \text { Credit } } \
\hline \text { Sales } & & 300,000 \
\text { Sales Retums and Allowances } & 10,000 & \
\text { Purcha5es } & 53,000 & \
\text { Purchases Returns and Allowances } & & 8,000\
\text { Freight-In } & 12,000 &  \
\text { Selling Exgenses } & 30,000 & \
\text { General and Administrative Exgenses } & 110,000 &\
\hline
\end{array}$$ In addition,beginning merchandise inventory was $22,000 and ending merchandise inventory was $14,000.
Cost of goods sold for the period was

Quizplus · Accepted Answer

Cost of goods sold = Beginning inventory + Purchases - Purchases returns and allowances + Freight-in - Ending inventory= 22,000 + 53,000 - 8,000 + 12,000 - 14,000= $74,000

Use This Information to Answer the Following Question In Addition,beginning Merchandise Inventory Was $22,000 and Ending Merchandise Inventory