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Determine what is the cost of goods sold for monte vista

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Reference no: EM132717021

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: EM132717021

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