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Cost of Merchandise Sold Based on the following data, determine the cost of merchandise sold for November: Increase in estimated returns inventory $14,500 Merchandise inventory,
Cost of Merchandise Sold
Based on the following data, determine the cost of merchandise sold for November:
| Increase in estimated returns inventory | $14,500 |
| Merchandise inventory, November 1 | 28,000 |
| Merchandise inventory, November 30 | 31,500 |
| Purchases | 475,000 |
| Purchases returns and allowances | 15,000 |
| Purchases discounts | 9,000 |
| Freight in | 7,000 |
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