Horse Creek Company had beginning inventory of 34,000, purchases of 210,000, purchase returns of 13,000, and ending inventory of 40,000. What was the cost of goods sold?
A) 204,000
B) 198,000
C) 157,000
D) 191,000
Question 2
The primary objectives of control over inventory are
a. safeguarding the inventory from damage and maintaining constant observation of the inventory
b. reporting inventory in the financial statements
c. maintaining constant observation of the inventory and reporting inventory in the financial statements
d. safeguarding inventory from damage and reporting inventory in the financial statements
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