Reference no: EM132671967

For the financial year ending 30 June 2019 year, the following data were taken from the accounting records.
$

Sales 900,000

Freight-out 3,600

Sales returns and allowances 30,000

Purchases 500,000

Selling expenses 4,975

Purchase returns and allowances 6,000

Depreciation expense 8,025

Inventory at 1/7/18 90,000

Discount allowed 2,800

Inventory at 30/6/19 130,000

Problem 1: Cost of goods sold for the current year is:

Select one:

a. $534,000

b. $457,000

c. $416,000

d. $454,000

e. None of the above