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How much was the cost of goods sold

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Reference no: EM132739201

Problem 1: Assuming that net purchases were 900,000 during the year and that ending merchandise inventory was 20,000 less than beginning merchandise inventory of 250,000, how much was the cost of goods sold?

a. 920,000.

b. 1,170,000.

c. 1,130,000.

d. 670,000.

Problem 2: Which two steps in the accounting cycle are aided by the preparation of a worksheet?

a. posting journal entries and adjusting the accounts

b. journalizing transactions and closing the accounts

c. adjusting the accounts and preparing financial statements

d. analyzing source documents and preparing financial statements

Reference no: EM132739201

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