Bloomington,Inc.is a merchandiser of stone ornaments.The company sold 6,000 units during the year.The company has provided the following information:

What is the cost of goods sold for the year?
A)$357,000
B)$314,000
C)$312,000
D)$301,000

Question

Bloomington,Inc.is a merchandiser of stone ornaments.The company sold 6,000 units during the year.The company has provided the following information:

What is the cost of goods sold for the year?
A)$357,000 
B)$314,000 
C)$312,000 
D)$301,000

Quizplus · Accepted Answer

B)Cost of goods sold = Beginning Merchandise Inventory + Purchases + Freight In - Ending Merchandise Inventory = $44,000 + $300,000 + $13,000 - $43,000 = $314,000