A Corporation Compiled the Information Given Below for Their Auditor

Multiple Choice

A corporation compiled the information given below for their auditor.The corporation uses a periodic inventory system. $\begin{array}{|l|l|l|}\hline &2001&2002\\\hline \text { Purchases................. } & \$ 240 & \$ 160 \\\hline \text { Goods out on consignment .... } & 0 & 80 \\\hline \text { Beginning inventory } & 900 & ? \\\hline \text { Ending inventory } & ? & ? \\\hline \text { Physical inventory count .................... } & \text { Unavailable } & 240 \\\hline \text { Cost of goods sold. ............. } & 360 & ?\\\hline \end{array}$ What was the amount of cost of goods sold for 2002?

A) $620
B) $700
C) $780
D) $900