For the Year Ended December 31, 2012, Complex Company Reported

Multiple Choice

For the year ended December 31, 2012, Complex Company reported gross margin of $29,700, which was 30% of the sales for the period. The cost of goods available for sale was 120% of the cost of goods sold. The beginning inventory was twice as much as the ending inventory. What was the amount of purchases for 2012?

A) $13,860
B) $29,700
C) $41,580
D) $55,440