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Compute the amount of cost of goods sold

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Question - Crossway Outfitters is a retailer of outdoor clothing and equipment. The company has a standard mark-up of 60% on invoiced cost. Inventory at the beginning of the year was $1,840,000. During the year, the company purchased $14,300,000 of goods and recorded sales of $24,000,000. The year-end inventory count showed $2,590,000 in inventory measured at actual retail prices. Included in this total of $2,590,000 is $390,000 of goods that had been discounted by 25% relative to regular prices. Using the retail inventory method, compute the amount of cost of goods sold.

A) 14,400,000

B) 13,700,000

C) 14, 440,000

D) 14,441,000

Reference no: EM132681959

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