The records of Tea Time Company show 20D purchases of $9,000. An actual count revealed a 20D ending inventory of $4,000. The 20D beginning inventory was $5,000. What was cost of goods sold for 20D?

A. $14,000
B. $18,000
C. $10,000

Answer: C. $10,000

Business

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A company that uses the perpetual inventory system purchases inventory for $63,000 on account, with terms of 2/10, n/30. Which of the following is the journal entry to record the payment made within 10 days?

A) a debit to Accounts Payable for $63,000, a credit to Cash for $61,740, and a debit to Merchandise Inventory for $1,260 B) a debit to Accounts Payable for $63,000, a credit to Merchandise Inventory for $1,260, and a credit to Cash for $61,740 C) a debit to Merchandise Inventory for $1,260, a debit to Accounts Payable for $63,000, and a credit to Cash for $64,260 D) a debit to Accounts Payable for $61,740, a debit to Merchandise Inventory for $1,260, and a credit to Cash for $63,000

Business

When developing questionnaire questions, if you are considering order position bias and the set of all possible response alternatives, you are developing ________ questions

A) multiple choice B) dichotomous C) scale D) branching

Business