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What is cost of goods available for sale

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Question - Cinnamon Buns Co. (CBC) started 2021 with $53,800 of merchandise on hand. During 2021, $295,000 in merchandise was purchased on account with credit terms of 2/10 n/30. All discounts were taken. Purchases were all made f.o.b. shipping point. CBC paid freight charges of $10,900. Merchandise with an invoice amount of $2,300 was returned for credit. Cost of goods sold for the year was $300,000. CBC uses a perpetual inventory system. What is cost of goods available for sale, assuming CBC uses the gross method?

Reference no: EM132925609

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