Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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!
image text in transcribed
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

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Musings On Internal Quality Audits Having A Greater Impact

Authors: Duke Okes

1st Edition

1636941486, 978-1636941486

More Books

Students also viewed these Accounting questions