Question: QUESTION 7 Assuming the periodic inventory method is used for the current period, the following data were taken from the ledger. Purchases $40,000 Purchases returns

QUESTION 7

Assuming the periodic inventory method is used for the current period, the following data were taken from the ledger.

Purchases $40,000

Purchases returns and allowances $600

Discount received $300

Freight-in $200

Beginning inventory was $8,000 and ending inventory was $13,000.

What was cost of sales?

a.

$39,600.
b.

$39,300.
c.

$47,300.
d.

$34,600.

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