Use the following to answer questions 38-39 Herbert Corp uses its periodic inven

Question

Use the following to answer questions 38-39 Herbert Corp uses its periodic inventory system and the following information is available: $31,000 Sales Inventory-Beginning8,000 laventory-Ending23,000 38. Calculate the cost of goods sold A) $ 7,000 B) $24,000. C) $23,000. D) $31,000. 39. Calculate the gross profit. A) $ 7,000 B) $24,000 C) $23,000 D) $31,000 40. Mincola Meatballs reports net sales of S1,500,000, gross profit of $650,000, and net income of $90,000. The company's cost of goods sold is: A) $760,000. B) $850,000. C) $940,000. D) Some other amount 41. During the year 200S, the inventory of Mollie's Gift Shop decreased by $40,000. If the during the rear r erf $300,000, purchases year 2005 must have amounted to: A) $350,000. B) $270,000. C) $260,000. D) Some other amount 2. Orinda Golf Supplies reports net sales of $3,000,000, net income of $300,000, and gross profit of $800,000. The company's cost of goods sold is A) $1,700,000. B) $1,900,000, Page R

Explanation / Answer

38.

39.

40.

41.

Beginning inventory $    8,000 Add: Purchases $ 23,000 Less: Ending inventory $ (7,000) Cost of goods sold $ 24,000

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