Purrfect Pets uses the perpetual inventory system. At the beginning of the quarter, Purrfect Pets...
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Purrfect Pets uses the perpetual inventory system. At the beginning of the quarter, Purrfect Pets has $43,000 in inventory. During the quarter the company purchases $9,850 of new inventory from a vendor, returned $1,250 of inventory to the vendor, and took advantage of discounts from the vendor of $330. At the end of the quarter the balance in inventory is $33,000. What is the cost of goods sold?
1. $20,350
2. $10,000
3. $18,270
4. $19,850
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