From the following information, compute the cost of goods sold.

Purchase returns	$ 1,200
Inventory, December 31	2,500
Freight-in	1,100
Inventory, January 1	2,800
Purchases	15,000

$15,300

$15,000

$15,100

$15,200

Using the information below in the computation of cost of goods sold, what would be the appropriate amount of Purchases?

Purchase returns	$ 1,200
Inventory, December 31	2,500
Cost of goods sold	10,500
Purchases	?
Inventory, January 1	2,500
Freight-in	1,500

$9,700

$10,200

$11,200

$10,800

The gross profit of Larry Company for 2015 is $300,000, cost of goods manufactured is $400,000, the beginning inventories of goods in process and finished goods are $28,000 and $35,000, respectively, and the ending inventories of goods in process and finished goods are $50,000 and $70,000, respectively. The cost of goods sold of Larry Company for 2015 must have been

$365,000.

$278,000.

$265,000.

$378,000.

Answer rating: 100% (QA)

Inventory January 1 Add Purchases Purchase returns Net purchases Add Freightin Cost of goods p... View the full answer