Given the following information for a retail company, what is the total cost of goods purchased for the period?
$$\begin{array} { l r }
\text { Purcheses discounts } & \$ 3,500 \
\text { Transportation-in } & 6,700 \
\text { Ending irventory } & 35,000 \
\text { Gross mercharidise cost } & 304,000 \
\text { Purcheses retirns } & 8,400 \
\text { Begirning irventory } & 27,000 \
\text { Sales discournts } & 10,300
\end{array}$$
A) $298,800
B) $290,800
C) $282,100
D) $304,000

Question

Given the following information for a retail company, what is the total cost of goods purchased for the period?
$$\begin{array} { l r } 
\text { Purcheses discounts } & \$ 3,500 \
\text { Transportation-in } & 6,700 \
\text { Ending irventory } & 35,000 \
\text { Gross mercharidise cost } & 304,000 \
\text { Purcheses retirns } & 8,400 \
\text { Begirning irventory } & 27,000 \
\text { Sales discournts } & 10,300
\end{array}$$
A) $298,800
B) $290,800
C) $282,100
D) $304,000

Quizplus · Accepted Answer

Total cost of goods purchased = Gross merchandise cost + Transportation-in - Purchases discounts - Purchases returns= 304,000 + 6,700 - 3,500 - 8,400= $298,800

Given the Following Information for a Retail Company, What Is