Use this information to answer the following question. In addition,beginning merchandise inventory was $11,000 and ending merchandise inventory was $7,000.
-Cost of goods sold for the period was
A)$31,000.
B)$25,000.
C)$38,000.
D)$23,000.

Question

Use this information to answer the following question.  In addition,beginning merchandise inventory was $11,000 and ending merchandise inventory was $7,000.
-Cost of goods sold for the period was
A)$31,000. 
B)$25,000. 
C)$38,000. 
D)$23,000.

Quizplus · Accepted Answer

Cost of goods sold = Beginning inventory + Purchases - Ending inventory= 20,000 + 30,000 - 16,000= $34,000

Use This Information to Answer the Following Question