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 ofpurchases was $240,000. A physical inventory showed $72,000 of merchandise unsold at theend 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 costof 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 ofthe merchandise was returned and the remaining amount due was paid within the discountperiod, the purchase discount would be:Select one:0qaid=6104965&qu03
d. $240.e. $200.Correct. Purchase discounts are based on invoice prices less purchase returns and allowances,if any.FeedbackThe correct answer is: $200.Question 3CorrectMark 10.00 out of 10.00Flag questionQuestion textOn a sales invoice, "2/10, n/30" meansSelect one:

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Term
Fall
Professor
N/A
Tags
Accounting, Balance Sheet, Revenue, Correct Answer, Generally Accepted Accounting Principles

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