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Assuming the periodic inventory method is used for the current year, the following data were taken from the accounting records of WMC Ltd: Sales $900,000
Assuming the periodic inventory method is used for the current year, the following data were taken from the accounting records of WMC Ltd:
Sales $900,000
Sales returns and allowances $30,000
Purchases $500,000
Purchase returns and allowances $8,000
Discount received $2,000
Freight-in $4,000
Beginning inventory $90,000
Ending inventory $130,000
What was the cost of goods available for sale?
a.
$584,000.
b.
$530,000.
c.
$586,000.
d.
$454,000.
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