Question: Based on the information below and considering that this company did not pay any money to its suppliers during the year, what is the
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Question:Based on the information below and considering that this company did not pay any money

to its suppliers during the year, what is the company's cost of goods sold for 2015? Assume that the only source of Accounts Payable is the purchase of inventory on credit.


1/1/2015 12/31/2015

Inventory $57,380 $68,540

Accounts payable     $78,000 $189,160



Select one:

a. $88,840

b. The answer cannot be determined with the information provided

c. $11,160

d. $100,000


Based on the information below and considering that this company paid $100,000 in cash to its suppliers during the year, what is the company's cost of goods sold for 2015? Assume that the only source of Accounts Payable is the purchase of inventory on credit. 


1/1/2015 12/31/2015

Inventory $122,400 $123,500

Accounts payable     $54,000 $0

Select one:

a. $45,800

b. None of these

c. $1,100

d. $54,200


The following data is available for an item of JNC Inc. for the month of March:


March 1 Inventory  15 units at $10 each      

 15 Purchase 30 units at $18 each

 31 Purchase 24 units at $15 each

  Sale 30 units

​Using the first-in, first-out method, what is JNC Inc.'s cost of ending inventory for March?​

Select one:

a. $510

b. $630

c. $360

d. $420

Top Answer

The correct option is : d. $100,000 The... View the full answer

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