Homework Answers
Cost of purchases = Purchases - Purchases Returns and Allowances + Freight paid
= 143,000 - 4,000 + 11,000
= 150,000
Cost of Goods Sold = Beginning merchandise inventory + Cost of purchases - Ending merchandise inventory
= 23,000 + 150,000 - 27,000
= 146,000
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The following information is available for Houser Produce Market: Sales $225,000 Freight-in $11,000 Ending merchandise inventory 27,000 Purchase returns and allowances 4,000 Sales discounts 3,000 Depreciation expense 8,000 Purchases 143,000 Beginning merchandise inventory 23,000 How much is Houser's cost of goods sold? $173,000 $146,000 $143,000 None of these answer choices are correct. Moving to another question will save this response Question 54 of Question 54 S points Save Anne Michael's regular hourly wage rate is $32, and he receive an...
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