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ANSWER THE FOLLOWING QUESTIONS BY SHOWING ALL THE DETAILS Using the data provided, determine each of the missing numbers in the following situations: Company A
ANSWER THE FOLLOWING QUESTIONS BY SHOWING ALL THE DETAILS
Using the data provided, determine each of the missing numbers in the following situations: Company A Company B Invoice cost of merchandise purchases........... 160,000 122,000 Purchase discounts received 2,600 Purchase returns and allowances received ........ 6,000 4,400 Cost of transportation-in ....... 14,000 16,000 Merchandise inventory (beginning of period)... 36,000 Total cost of merchandise purchases ..... 158,000 Merchandise inventory (end of period)........... 30,000 Cost of goods sold... 166,400 136,520 Net sales .............. 567,000 Gross profit ratio... 55%Step by Step Solution
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