Question: Assuming the periodic inventory method is used for the current year, the following data were taken from the accounting records of WMC Ltd: Sales $900,000

Assuming the periodic inventory method is used for the current year, the following data were taken from the accounting records of WMC Ltd:

Sales $900,000

Sales returns and allowances $30,000

Purchases $500,000

Purchase returns and allowances $8,000

Discount received $2,000

Freight-in $4,000

Beginning inventory $90,000

Ending inventory $130,000

What was the cost of goods available for sale?

a.

$584,000.

b.

$530,000.

c.

$586,000.

d.

$454,000.

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