Accounting 122-Exam-Chapter S 5 Page 2 Account Name ales ales Returns and Allowances Sales Discounts Purchases Purchases Returns and Allowances reight In 2,000 17. Which ling Expenses eral and Adninistrative Expenses 27,500 In addition, beginning merchandise inventory was $$,500 and ending merchandise 3,500. 1s. inventory was 11. Net sales for the period were .C) $75,500 12. Net cost of purchases for the period were A) $77,500. B) $73,500. D) $72,500. A) $15,000. B) $18,000. C) $21,000. D) $43,000. 13. Cost of goods sold for the period was A) S16,000. B) $23,500. C) $20,000. D $17,000 14. Net income for the period was A) $$2,500. B) $45,000. C) $25,000. D) $17,500. 15. The amount of cost of goods available for sale during the year depends on the amounts of A) beginnng merchandise inventory and cost of goods sold. B) beginining merchandise inventory, cost of goods sold, and ending merchandise inventory. C) beginning merchandise inventory and net cost of purchases. D) beginning merchandise inventory, net cost of purchases, and ending merchandise inventory 16. Assuming that net cost of purchases was $90,000 during the year and that ending merchandise inventory was $2,000 less than the beginning merchandise inventory of $25,000, how much was cost of goods sold? A) $113,000 B) $92,000 C) $67,000 D) $117,000 Page 2