For the current fiscal year, Purchases were $230,000, Purchase Returns and Allowances were $3,800 and Freight...
For the current fiscal year, Purchases were $230,000, Purchase Returns and Allowances were $3,800 and Freight In was $17,000. If the beginning merchandise inventory was $150,000 and the ending merchandise inventory was $83,000, the Cost of Goods Sold is:
Homework Answers
| Cost of Goods Sold | ||
| Merchandise Inventory (Beginning) | 150,000 | |
| Purchases | 230,000 | |
| Freight in | 17,000 | |
| 247,000 | ||
| Purchases Returns and Allowances | (3,800) | |
| Net Purchases | 243,200 | |
| Cost of goods available for sale | 393,200 | |
| Merchandise Inventory (Ending) | (83,000) | |
| Cost of Goods Sold | 310,200 |
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I tried to answer A, but it is not correct!
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#7
For the current fiscal year, Purchases were $300,000, Purchase Returns and Allowances were $4,500 and Freight In was $24,000. If the beginning merchandise inventory was $185,000 and the ending merchandise inventory was $90,000, the cost of Goods Sold is: $414,500 o o o of $423,500 $176,500 $366,500
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I tried to answer A, but it is not correct!
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