Robbinsdale, Inc is a merchandiser of stone ornaments
The company sold 8,000 units during the year. The company has provided the following information:
Sales Revenue $559,000
Purchases (excluding freight in) 303,000
Selling and Administrative Expenses 67,000
Freight In 14,000
Beginning Merchandise Inventory 46,000
Ending Merchandise Inventory 43,000
What is the cost of goods available for sale for the year?
A) $363,000
B) $320,000
C) $349,000
D) $335,000
A .A) Cost of goods available for sale = Beginning Merchandise Inventory + Purchases + Freight In = $46,000 + $303,000 + $14,000 = $363,000
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