Question

Purrfect Pets uses the perpetual inventory system. At the beginning of the quarter, Purrfect Pets has $30,000 in inventory. During the quarter the company purchases $7,900 of new inventory from a vendor, returned $700 of inventory to the vendor, and took advantage of discounts from the vendor of $200. At the end of the quarter the balance in inventory is $26,500. What is the cost of goods sold?

A) $10,500

B) $11,400

C) $3,500

D) $11,900

Answer

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