Question

WileyPLUS Wavannar, Accounting Princtoren, isa BACK ASSIGNMENT RESOURCES Unit Lab Quit 114 Eu 200 Brief Exercise 197 Assume that staque Company uses a periodic inventory system and has these account balances: Purchases $532,000; Purchase Returns and Allowance 516,000; Purchase Discounts $8,000; and Freight-in 517,000 Determine not purchases and cost of goods purchased. Unit Labu Chater Net Purchases Unit Labour Chater Cost of goods purchased Dule Chat Uitslab Oui Cheter Click if you would like to show Work for this questioni Shoe Work Uitsu Chat Un Chat Question Attempts of used In Chat Unt Charter

Answer 1

Net Purchases -

Biaque Company
	Particulars	Amount $
	Puchases	532,000
Less:	Purchase Return & Allowances	16,000
Less:	Purchases Discounts	8,000
	Net Purchases	508,000

Cost of Goods Purchased -

Biaque Company
	Particulars	Amount $
	Puchases	532,000
Less:	Purchase Return & Allowances	16,000
Less:	Purchases Discounts	8,000
	Net Purchases	508,000
Add:	Freight In	17,000
	Cost of Goods Purchased	491,000