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What is the cost of sales amount for the financial year

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Reference no: EM131951043

The following information was obtained from the accounting records of James traders for the financial year ended 28 February 2018.

Inventory(1march 2017) 200 000

sales 320 000

purchases 165 000

sales returns 700

purchases returns 4600

freight charges on purchases 500

freight charges on sales 1300

settlement discount granted 550

settlement discount received 165

A physical inventory count on 28 February 2018 indicated that inventory on hand amounted to 75 000. The periodic inventory system is in use.

What is the cost of sales amount for the financial year ended 28 February 2018?

A 346 885

B 302 150

C 250 345

D 285 735

Reference no: EM131951043

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