b

The following information is available from Wellington Company's 2019 accounting records: Purchases $530,000 Purchase discounts ........ 10,000 Freight-out. 40,000 Beginning inventory ................160,000 Ending inventory 215,000 Freight-in ........ .......7,000 Purchases returns and allowances...7,000 Requirement: Calculate the cost of goods available for sale for the year 2019. (When writing your answer do not use commas or sign of the dollar. For example, if your answer is $1,500, write it as 1500) When a company has no cash available in another account in the same bank at which an overdraft has occurred, the company will: . report the same in the notes to the financial statements. O b. offset the overdraft against cash account. C. report the bank overdraft amount in the current liabilities. O d. classify the bank overdraft as compensating balance. Previous page Next page