What is cost of goods available for sale


Cinnamon Buns Co. (CBC) started 2011 with $52,700 of merchandise on hand. During 2011, $286,000 in merchandise was purchased on account with credit terms of 2/10 n/30. All discounts were taken. Purchases were all made f.o.b. shipping point. CBC paid freight charges of $10,800. Merchandise with an invoice amount of $2,100 was returned for credit. Cost of goods sold for the year was $314,000. CBC uses a perpetual inventory system.

What is cost of goods available for sale, assuming CBC uses the gross method?

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Accounting Basics: What is cost of goods available for sale
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