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Concord Co. returned defective goods costing $5700 to Ivanhoe Company on April 19, for credit. The goods were purchased April 10, on credit, terms 2/10,

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Concord Co. returned defective goods costing $5700 to Ivanhoe Company on April 19, for credit. The goods were purchased April 10, on credit, terms 2/10, n/30. The entry by Concord Co. on April 19, in receiving full credit is:

Accounts Payable 5700
Purchase Discounts 84
Inventory 5586
Accounts Payable 5700
Inventory 5700
Accounts Payable 5700
Inventory 114
Cash 5814
Accounts Payable 5700
Inventory 84
Cash 5586
A company just starting business made the following four inventory purchases in June: June 1 120 units $420 June 10 150 units 600 June 15 150 units 570 June 28 200 units 270 $1860 A physical count of merchandise inventory on June 30 reveals that there are 210 units on hand. Using the average-cost method, the amount allocated to the ending inventory on June 30 is O $630. O $612 O $780. O $1260. A company just starting business made the following four inventory purchases in June: June 1 150 units $350 June 10 150 units 585 June 15 150 units 630 June 28 200 units 510 $2075 A physical count of merchandise inventory on June 30 reveals that there are 210 units on hand. Using the FIFO inventory method, the amount allocated to cost of goods sold for June is O $1686. O $552. O $1523. O $389. A company just starting in business purchased three merchandise inventory items at the following prices. First purchase $59; Second purchase $78; Third purchase $70. If the company sold two units for a total of $206 and used FIFO costing, the gross profit for the period would be $69. $70. $74. $67

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