Thanks!

CDX Inc., uses a periodic inventory system. Consider the following summarized transactions and selected information for CDX's most recently completed fiscal year: Gross purchases (all on account) $71,700 Purchases returns and allowances 2,000 Merchandise inventory, January 1 15,000 Merchandise inventory, December 31 19,000 Cash payment to suppliers 52,000 Based on these details, the cost of sales for the year is: O A $67,700 OB. $13,700 OC. $65,700 OD. $48,000 The ending inventory of Corner Store Inc. includes items which originally cost $10,000. These items have a market value of $11,000 and a net realizable value of $9,000 at year end. Accordingly, the inventory should be reported on the company's statement of financial position at: O A $11,000 OB. $10,000 OC. $9,000. OD. $9,500 (the average of $10,000 and $9,000)