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Can somebody help me with these questions? Thank you. 1) 2) 3) 4) 5) Tony's Market used the perpetual method to record the following events
Can somebody help me with these questions? Thank you.
1)
2)
3)
4)
5)
Tony's Market used the perpetual method to record the following events involving a recent purchase of inventory: Received goods for $79400, terms 2/7,n/30. Returned $1700 of the shipment for credit. Paid $400 freight on the shipment. Paid the invoice within the discount period. As a result of these events, the company's inventory The entry to record the receipt of payment within the discount period on a sale of $2400 with terms of 2/8, n/30 will include a Financial information is presented below: Operating expenses 30000 6000 Sales returns and allowances Sales discounts Sales revenue Cost of goods sold 3000 174000 110000 Gross profit would be At the beginning of the year, Uptown Athletic had an inventory of $550000. During the year, the company purchased goods costing $2340000. If Uptown Athletic reported ending inventory of $970000 and sales of $2920000, their cost of goods sold and gross profit rate would be During the year, Sarah's Pet Shop's merchandise inventory decreased by $59000. If the company's cost of goods sold for the year was $680000, purchases would have beenStep by Step Solution
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