Question 9 ncorrect The James Company\'s partial trial balance at December 31, 2

Question

Question 9 ncorrect The James Company's partial trial balance at December 31, 20x3 Mark 0.00 out of is as follows: 1.00 P Flag question Dr. Cr. Inventory $180999 2530345 Purchases 38338 Transportation-in Purchase returns and 55706 allowances 26608 Purchase discounts. A year-end count reveals that the ending inventory balance should be $310048. What is the cost of goods sold for the year ended December 31, 20x3? Select one: a. 2667368 b. 2357320 c. 2530345 X d. 2486369 Check The correct answer is: 2357320

Explanation / Answer

Statement showing computation of Cost of goods sold Particular Amount (in $) Opening Inventory $      180,999.00 Add: Purchases $ 2,530,345.00 Add: Transportation -in $        38,338.00 Less: Purchases returns and allowances $      (55,706.00) Less: Purchase Discounts $      (26,608.00) Less: Closing Inventory as given in the question, -in the absence of actual closing inventory estimated value shall be taken $   (310,048.00) Cost of Goods Sold------------------------------------> $ 2,357,320.00

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