Accounting Questions:?

Question

36. A company using the periodic inventory system has the following account balances: Merchandise Inventory at the beginning of the year, $4,000; Transportation-In, $450; Purchases, $12,000; Purchases Returns and Allowances, $2,300; Purchases Discounts, $220.  The cost of merchandise purchased is equal to _______. (Points: 4)

       $13,930

       $9,930

       $9,489

       $14,520

37. A company, using the periodic inventory system, has merchandise inventory costing $140 on hand at the beginning of the period.  During the period, merchandise costing $400 is purchased.  At year-end, merchandise inventory costing $180 is on hand.  The cost of merchandise sold for the year is _______. (Points: 4)

       $720

       $550

       $360

       $140

Answer 1

$9,930

$360