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At the beginning of the year, Martinez Shipping Ltd., a company that has a perpetual inventory system, had $71,500 of inventory. During the year, inventory
At the beginning of the year, Martinez Shipping Ltd., a company that has a perpetual inventory system, had $71,500 of inventory. During the year, inventory costing $286,000 was purchased. Of this, $33,300 was returned to the supplier and a 5% discount was taken on the remainder. Freight costs incurred by the company for inventory purchases amounted to $3,410. The cost of goods sold during the year was $284,400.
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