Question
ABC Inc. uses the periodic method and reported the following amounts for the year. Ending inventory $ 40000Opening inventory $ 41500Sales revenue $ 114000 Purchases
ABC Inc. uses the periodic method and reported the following amounts for the year.
Ending inventory $ 40000Opening inventory $ 41500Sales revenue $ 114000
Purchases $ 77000
Purchase discounts $ 7000
Purchase returns and allowances $ 5800
Calculate cost of sales for the year.
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Accounting Information Systems
Authors: Vernon Richardson, Chengyee Chang, Rod Smith
2nd edition
1260153156, 1260153150, 978-1260153156
