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A company has the following transactions during March: March 3 Purchases inventory on account for $ 3 , 5 0 0 , terms 2 1
A company has the following transactions during March:
March Purchases inventory on account for $ terms
March Pays freight costs of $ on inventory purchased on March
March Returns inventory with a cost of $
March Pays the full amount due on March purchase.
March Sells all inventory purchased on March less those returned on March for $ on account.
Record all transactions, including the monthend adjustment to cost of goods sold, assuming the company uses a periodic inventory system and has no beginning inventory.
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