Cinnamon Buns Co. (CBC) started 2021 with $53,500 of merchandise on hand. During 2021, $281,000...
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Accounting
Cinnamon Buns Co. (CBC) started 2021 with $53,500 of merchandise on hand. During 2021, $281,000 in merchandise was purchased on account with credit terms of 3/10 n/30. All discounts were taken. Purchases were all made f.o.b. shipping point. CBC paid freight charges of $10,300. Merchandise with an invoice amount of $2,100 was returned for credit. Cost of goods sold for the year was $303,000. CBC uses a perpetual inventory system. What is cost of goods available for sale, assuming CBC uses the gross method?
Multiple Choice
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$344,800.
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$313,733.
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$334,333.
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$342,700.
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