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Exercise 5-12 The trial balance of Ivanhoe Company at the end of its fiscal year, August 31, 2017, includes these accounts: B

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Answer #1
Beginning Inventory, September 1 24,450
Purchases 194,940
LESS : purchase returns and allowances (5,810)
Net purchases 189,130
ADD Freight in 9,740
Cost of Goods purchased 198,870
Cost of Goods available for sale 223,320
Inventory, Aug 31 (20,500)
Cost of Goods Sold 202,820
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