question 6\ncost of goods sold\nbeginning inventory $5,000\nadd: purchases $35,000\nless: purchase discounts…

question 6\ncost of goods sold\nbeginning inventory $5,000\nadd: purchases $35,000\nless: purchase discounts $2,000\npurchase returns and allowances $3,000\nnet purchases $30,000\nfreight - in $12,000\ncost of goods purchased $42,000\ngoods available for sale\nless: ending inventory\ntotal cost of goods sold\nbased on the information in the expanded income statement above, which of the following is the total of the goods available for sale?\n$47,000\n$72,000\n$35,000\n$37,000

question 6\ncost of goods sold\nbeginning inventory $5,000\nadd: purchases $35,000\nless: purchase discounts $2,000\npurchase returns and allowances $3,000\nnet purchases $30,000\nfreight - in $12,000\ncost of goods purchased $42,000\ngoods available for sale\nless: ending inventory\ntotal cost of goods sold\nbased on the information in the expanded income statement above, which of the following is the total of the goods available for sale?\n$47,000\n$72,000\n$35,000\n$37,000

Answer

Explanation:

Step1: Recall the formula

Goods Available for Sale = Beginning Inventory + Cost of Goods Purchased

Step2: Identify the values

Beginning Inventory = $5,000, Cost of Goods Purchased = $42,000

Step3: Calculate

$5000 + 42000=47000$

Answer:

$47,000$