For the current fiscal year, Purchases were 275,000, purchase returns and allowances were $8,500, Purchase discounts...

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For the current fiscal year, Purchases were 275,000, purchase returns and allowances were $8,500, Purchase discounts...

For the current fiscal year, Purchases were 275,000, purchase returns and allowances were $8,500, Purchase discounts were $2,500 and Freight in was $35,000. If the beginning merchandise inventory was $63,000 and the ending merchandise was $81,000, the cost of goods sold is:

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Answer 1

Answer #1

Answer:

Cost of goods sold :

Beginning Merchandise Inventory + ( Purchases - Purchase Returns and Allowances - Purchase discounts + Freight in ) - Ending Merchandise

= $63000 + ( $275000 - $8500 - $2500 + $35000 ) - $81000

= $63000 + $299000 - $81000

= $281000

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Answer 2

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For the current fiscal year, Purchases were 275,000, purchase returns and allowances were $8,500, Purchase discounts...

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Add Answer to: For the current fiscal year, Purchases were 275,000, purchase returns and allowances were $8,500, Purchase discounts...

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