Midgic Farm Store Had a Beginning Merchandise Inventory of $9,000

Multiple Choice

Midgic Farm Store had a beginning merchandise inventory of $9,000. During the period, Purchases were $35,000; Purchase Returns, $1,500; and Freight In $3,000. A physical count of inventory at the end of the period revealed that $6,000 was still on hand. Using a periodic inventory system, the cost of goods sold was

A) $44,000.
B) $39,500.
C) $45,500.
D) $42,500.