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As you can see I've got the total cost of goods sold correct, but the three others are wrong. so please help there. thank you!
As you can see I've got the total cost of goods sold correct, but the three others are wrong. so please help there. thank you!
Comprehensive The following information for 2019 is available for Marino Company: 1. The beginning inventory is $91,000. 2. Purchases returns of $3,000 were made. 3. Purchases of $288,000 were made on terms of 1/10,n/30. Elghty percent of the discounts were taken. 4. At December 31, purchases of $27,000 were in transit, FOB destination, on terms of 1/10,n/30. 5. The company made sales of $640,000. The gross selling price per unit is twice the net cost of each unit sold. 6. Sales allowances of $9,000 were made. 7. The company uses the LIFO periodic method and the gross method for purchase discounts Step by Step Solution
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