Question
For the current year, the following data were taken from the accounting records: Sales, $900,000; Sales Returns and Allowances, $30,000; Purchases, $500,000; Purchase Returns and
For the current year, the following data were taken from the accounting records: Sales, $900,000; Sales Returns and Allowances, $30,000; Purchases, $500,000; Purchase Returns and Allowances, $8,000; Discount received, $4,000; Discount allowed, $3,000; Freight-in, $2,000; Freight-out, $3,000; Beginning Inventory, $90,000; Ending Inventory, $130,000.
What was the cost of goods available for sale?
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Advanced Accounting
Authors: Debra C Jeter, Paul K Chaney
5th Edition
1118022297, 978-1118022290
