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Beginning inventory plus the cost of goods purchased equals?

A. cost of goods sold

B. cost of goods available for sale

C. net purchases

D. total goods purchased

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Joshua Stredder
Joshua StredderLv10
21 Jan 2021
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Related questions

Choose the correct answer for the below question:

Beginning inventory plus net purchases equals

A. cost of goods available for sale.

B. gross profit.

C. ending inventory.

D. cost of goods sold.

The sum of ending inventory and cost of goods sold is

a. Gross profit

b. Cost of goods available for sale

c. Net Purchases

d. Beginning inventory

1. Beginning inventory plus purchases equals:

a) cost of goods sold

b) goods available for sale

c) net purchases

d) ending inventory

 

2. Accounts receivable:

a) arise from the purchase of goods or services on credit

b) are amounts owed to a business by its customers.

c) are reported on the income statement.

d) will be collected within the discount period or when due.

 

3. A perpetual inventory system will always give updated balances for:

a) goods available for sale and sales revenue

b) inventory and cost of goods sold

c) accounts receivable and inventory

d) Inventory and sales revenue

 

4. What is the primary goal of internal controls for cash payments?

a) To make payments as quickly as possible

b) To ensure that payments are made only for properly authorized transactions

c) To independently verify cash payments

d) To ensure the lowest prices possible are paid

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