Hanson Company uses a periodic inventory system.For 2012,its beginning inventory was $74,000; purchases of inventory were $328,000; and inventory at the end of the period was $89,000.What was the amount of Hanson's cost of goods sold for 2012?

Question

Quizplus · Accepted Answer

Using the periodic inventory system, the cost of goods sold can be calculated as:

Cost of Goods Sold = Beginning Inventory + Purchases - Ending Inventory

Cost of Goods Sold = $74,000 + $328,000 - $89,000 = $313,000

Therefore, the correct answer is choice C.

Hanson Company Uses a Periodic Inventory System