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  3. 5. broad, incorporated had a beginning inventory o

5. Broad, Incorporated had a beginning inventory of $50,000 and an ending inventory of $80,000....

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Accounting

5. Broad, Incorporated had a beginning inventory of $50,000 and an ending inventory of $80,000. Its cost of goods sold for the year was $970,000. What was the amount of purchases that it made for the year?

A. $940,000

B. $1,000,000

C. $1,050,000

D. $1,060,000

6. Monte Vista uses the perpetual inventory system. At the beginning of the quarter, Monte Vista has $31,000 in inventory. During the quarter the company purchases $8,050 of new inventory from a vendor, returned $800 of inventory to the vendor, and took advantage of discounts from the vendor of $210. At the end of the quarter the balance in inventory is $27,000. What is the cost of goods sold?

A. $4,000

B. $12,050

C. $11,040

D. $12,550

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