The following data were taken from the general ledger of Thornton Merchandisers on January 31, the end

Question:

The following data were taken from the general ledger of Thornton Merchandisers on January 31, the end of the first month of operations in the current fiscal year:
Merchandise inventory, January 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 22,000
Purchases . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 183,000
Merchandise inventory, January 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,000
Compute the cost of goods sold for the month of January.