Given the following information for a retail company,what is the total cost of goods purchased for the period?
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? 
A)$298,800 
B)$290,800 
C)$282,100 
D)$304,000

Quizplus · Accepted Answer

The total cost of goods purchased is calculated by adding the beginning inventory to the purchases made during the period and then subtracting the ending inventory. In this case, beginning inventory is $40,000, purchases made during the period are $260,000, and ending inventory is $1,200. Therefore, total cost of goods purchased = $40,000 + $260,000 - $1,200 = $298,800. The correct answer is A.

Given the Following Information for a Retail Company,what Is the Total