Assessment 2 Acct 701.docx - "Y Company began the...

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"Y" Company began the accounting period with $60,000 of merchandise, and net cost of purchases was $240,000. A physical inventory showed $72,000 of merchandise unsold at the end of the period. The cost of goods sold of Y Company for the period is:Select one:a. $228,000. Correct. The cost of goods sold is computed as follows: Beginning inventory $60,000 + Net cost of purchases 240,000 = Cost of goods available for sale $300,000 - Ending inventory $72,000 = Cost of goods sold $228,000.b. None of the above. c. $300,000. d. $252,000. e. $168,000. FeedbackThe correct answer is: $228,000.
Question 2CorrectMark 10.00 out of 10.00Flag questionQuestion textA business purchased merchandise for $12,000 on account; terms are 2/10, n/30. If $2,000 of the merchandise was returned and the remaining amount due was paid within the discount period, the purchase discount would be:0qaid=6104965&qu03
Question 3CorrectMark 10.00 out of 10.00Flag questionQuestion textOn a sales invoice, "2/10, n/30" means

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