Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

At the end of August, Augustine Co. had $96,500 in inventory. At the end of September, there was $82,500 in inventory. September cost of goods

image text in transcribed
At the end of August, Augustine Co. had $96,500 in inventory. At the end of September, there was $82,500 in inventory. September cost of goods sold was $463,500. During September, $102,500 was paid to suppliers for purchases made in August, and $10,500 was paid for purchases made prior to August. The company pays for 80% of a month's purchases in the month of the purchase. What is the total amount of cash disbursements made in September for purchases

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

College Accounting A Contemporary Approach

Authors: David Haddock, John Price, Michael Farina

5th Edition

126078035X, 978-1260780352

More Books

Students also viewed these Accounting questions