need 1

(continued from the previous question) Which of the following statements are true about the end-of-period journal entries recorded by the company? (select all that apply - i.e. just one or as many as all of them) Purchase discounts will be credited A contra-sales account will be debited Freight-in expenses will be credited The journal entries will not affect the company's quick ratio The journal entries will decrease the company's current ratio Cost of Gods Sold will be closed A company uses the periodic system. Beginning inventory was $40,000. At the end of the year (12/31), the following information is available: Total freight-in expenses were $30,000. Goods purchased by the company for $15,000 were returned during the year (the "Purchase returns" account was credited during the year) The company took $10,000 cash discounts on purchases (they use the gross method, the "Purchase discounts" account was credited during the year). . Gross purchases during the year totaled $1,000,000 The value of goods physically present in stock on 12/31 is estimated to be $90,000 The company recently sold and shipped goods for $20,000, FOB-Destination, to be delivered to a customer in January Which of the following is COGS for the year? 935,000 905,000 950,000 945,000 955,000 920,000