Malloy Company began the accounting period with $60,000 of merchandise, and the net cost of purchases was $240,000. A physical inventory showed $72,000 of merchandise unsold at the end of the period.
Malloy Company began the accounting period with $60,000 of merchandise, and the net cost of purchases
was $240,000. A physical inventory showed $72,000 of merchandise unsold at the end of the period. The cost of goods sold of Malloy Company for the period is _______________.Question 24 options:
| $300,000 |
| $228,000 |
| $252,000 |
| $168,000 |
| None of the above |
SaveQuestion 25 (1 point)
A classified income statement consists of all of the following major sections except _______________.Question 25 options:
| Operating revenues |
| Cost of goods sold |
| Operating expenses |
| Non-operating revenues and expenses |
| Current assets |
SaveQuestion 26 (1 point)
A business purchased merchandise for $12,000 on account; terms are 2/10, n/30. If $2,000 of the merchandise was returned and the remaining amount due was paid within the discount period, the purchase discount would be _______________.Question 26 options:
| $240 |
| $200 |
| $1,200 |
| $1,000 |
| $3,600 |
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