At the end of last year, Barons Bazaar had merchandise costing $383,000 in inventory. During January of the current year, the company purchased merchandise costing $135,500, and sold merchandise which it had purchased at a total cost of $111,300.

Assume that Barons Bazaar uses a perpetual inventory system

Question:

The amount of costs transferred from the Inventory account to the Cost of Goods Sold account during January was?

Select one:

a.

$111,300

b.

$115,300

c.

$109,300

d.

$108,300