Bloomington, Inc is a merchandiser of stone ornaments
The company sold 7,000 units during the year. The company has provided the following information:
Sales Revenue $550,000
Purchases (excluding freight in) 304,000
Selling and Administrative Expenses 69,000
Freight In 15,000
Beginning Merchandise Inventory 43,000
Ending Merchandise Inventory 42,000
What is the cost of goods sold for the year?
A) $362,000
B) $320,000
C) $318,000
D) $305,000
B .B) Cost of goods sold = Beginning Merchandise Inventory + Purchases + Freight In - Ending Merchandise Inventory = $43,000 + $304,000 + $15,000 - $42,000 = $320,000
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