Homework Answers
Calculation of Cost of Goods Sold of Norton Company:
| Particulars | $ |
| Beginning Inventory | $45,000 |
| Add: Purchases | $290,000 |
| Less: Purchase returns and Allowances | $15,000 |
| Add: Freight-in | $30,000 |
| Less: Ending Inventory | $36,000 |
| Cost of Goods Sold | $314,000 |
Therefore the Cost of Goods Sold will be $314,000.
Correct answer is option d - $314,000.
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