Homework Answers
Answer- The cost of goods sold is =$18810.
Explanation- Cost of goods sold = Opening inventory+ Net purchases- Closing inventory
= $44000+$8310-$33500
= $18810
Where- Net purchases = Gross purchases-Inventory returned to vendor-Purchase discounts
= $10000-$1350-$340
= $8310
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bought inventory for $10,000 and paid $300 freight on the purchase.
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a
$10,000.
b
$8,140.
c
$0.
d
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2.
When a purchaser that uses the perpetual system pays freight,
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Freight-Out.
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Freight-In.
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