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Compute what is the cost of goods sold for monte vista

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Monte Vista uses the perpetual inventory...

Problem 1: Monte Vista uses the perpetual inventory system. At the beginning of the quarter, Monte Vista has $37,000 in inventory. During the quarter the company purchases $8,950 of new inventory from a vendor, returned $1,400 of inventory to the vendor, and took advantage of discounts from the vendor of $270. At the end of the quarter the balance in inventory is $30,000. What is the cost of goods sold?

Multiple Choice

Option 1: $16,450
Option 2: $15,950
Option 3: $7,000
Option 4: $14,280

Reference no: EM132710862

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