Question
1.For the current period, the following data were taken from the accounting records: Sales$900,000 Sales Returns and Allowances$30,000 Purchases$500,000 Purchase Returns and Allowances$8,000 Discount received$4,000
1.For the current period, the following data were taken from the accounting records:
Sales$900,000
Sales Returns and Allowances$30,000
Purchases$500,000
Purchase Returns and Allowances$8,000
Discount received$4,000
Freight-in$2,000
Beginning Inventory$90,000
Ending Inventory$130,000
What was the cost of goods available for sale, net purchases and net sales?
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Accounting What The Numbers Mean
Authors: David Marshall, Wayne McManus, Daniel Viele
10th Edition
77729870, 9780077729875
