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How much will goldman report as its cost of goods sold

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Reference no: EM132643283

The following is from Goldman Inc.'s 2017 income statement.

Purchases $172,000

Transportation-in 11,000

Inventory, January 1, 2017  26,500

Inventory, December 31, 2017  28,800

Purchase returns and allowances 8,400

Problem 1: How much will Goldman report as its cost of goods sold in its 2017 income statement?

a. $161,300

b. $161,500

c. $172,300

d. None of these choices are correct.

Reference no: EM132643283

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