The cost of goods sold of frick company for the period

Assignment Help Financial Accounting

Reference no: EM13825501

Frick Company began the accounting period with $60,000 of merchandise, and net cost of purchases was $240,000. A physical inventory showed $72,000 of merchandise unsold at the end of the period. The cost of goods sold of Frick Company for the period is:

a. $300,000

b. $228,000

c. $252,000

d. $168,000

e. None of the above

Reference no: EM13825501

Questions Cloud

Cost of ending inventory using weighted-average : Frick Company began the accounting period with inventory of 3,000 units at $30 each. During the period, the company purchased an additional 5,000 units at $36 each and sold 4,600 units. Assume the use of periodic inventory procedure. The cost of endi..

Movement of general population : Why were immigration and westward movement of general population so important in development of industrial relations in United States?

Merchandise was returned and the remaining amount due : A business purchased merchandise for $12,000 on account; terms are 2/10, n/30. If $2,000 of the merchandise was returned and the remaining amount due was paid within the discount period, the purchase discount would be:

Operating revenues and cost of goods sold : A classified income statement consists of all of the following major sections except for: Operating revenues. Cost of goods sold. Operating expenses

The cost of goods sold of frick company for the period : Frick Company began the accounting period with $60,000 of merchandise, and net cost of purchases was $240,000. A physical inventory showed $72,000 of merchandise unsold at the end of the period. The cost of goods sold of Frick Company for the period ..

The underlying assumptions of accounting includes : The underlying assumptions of accounting includes all the following except:

Regarding the classified balance sheet : Which of the following statements is true regarding the classified balance sheet?

Explain about encountering negative returns : These multiple choice problems belong to Economics. The first problem is about encountering negative returns, the second problem is about competitive firm producing in the long run.

Debit an expense and credit a liability : If $3,000 has been earned by a company’s workers since the last payday in an accounting period, the necessary adjusting entry would be: Debit an expense and credit a liability. Debit an expense and credit an asset.

User Account

All Pages