Item1

Time Remaining 52 minutes 37 seconds

00:52:37

Item 1

Item 1

Time Remaining 52 minutes 37 seconds

00:52:37

Cinnamon Buns Co. (CBC) started 2021 with $53,900 of merchandise on hand. During 2021, $294,000 in merchandise was purchased on account with credit terms of 3/10 n/30. All discounts were taken. Purchases were all made f.o.b. shipping point. CBC paid freight charges of $10,400. Merchandise with an invoice amount of $2,700 was returned for credit. Cost of goods sold for the year was $312,000. CBC uses a perpetual inventory system. What is cost of goods available for sale, assuming CBC uses the gross method?

Multiple Choice

• $346,861.

• $326,061.

• $355,600.

• $358,300.