A Company Using the Periodic Inventory System Has the Following

Multiple Choice

A company using the periodic inventory system has the following account balances: Merchandise Inventory at the beginning of the year, $3,600; Freight-In, $650; Purchases, $10,700; Purchases Returns and Allowances, $1,950; Purchases Discounts, $330.The cost of merchandise purchased is equal to

A) $8,420
B) $17,230
C) $12,670
D) $9,070