Question
Below is an extract from an income statement. $ Beginning inventory 28 000 Gross sales 36 000 Freight-in 2 500 Sales returns 4 000 Ending
Below is an extract from an income statement.
$
Beginning inventory 28 000
Gross sales 36 000
Freight-in 2 500
Sales returns 4 000
Ending inventory 25 200
Purchases 31 600
The cost of sales is:
| A. | $29,500 | |
| B. | $36,900 | |
| C. | $32,000 | |
| D. | $34,400 |
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started
Cost Accounting
Authors: M.E. Thukaram Rao
3rd Edition
8122433820, 978-8122433821
