Multiple Choice
Monte Vista uses the perpetual inventory system.At the beginning of the quarter,Monte Vista has $60,000 in inventory.During the quarter the company purchases $15,800 of new inventory from a vendor,returned $1,400 of inventory to the vendor,and took advantage of discounts from the vendor of $400.At the end of the quarter the balance in inventory is $53,000.What is the cost of goods sold?
A) $21,000
B) $22,800
C) $7,000
D) $23,800
Correct Answer:
Verified
Correct Answer:
Verified
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