Homework Answers
1. Cost of goods sold = (opening stock + purchases ) - closing stock
= (0 +88,000) - 24000
= 64000
Gross profit = Sales - COGS
145000 - 64000
= 81000
Answer : option b , $ 81,000
2 . Journal entry :
Purchases A/c 56000
Freight -In 900
Accounts Payable 56000
Cash A/c 900
Answer : Option c
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