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Having trouble with number 7 and 8! Thank you. :) Question 7) Assume that Tract Company uses a periodic inventory system and has these account
Having trouble with number 7 and 8! Thank you. :) Question 7) Assume that Tract Company uses a periodic inventory system and has these account balances: Purchases $484,000; Purchase Returms and Allowances $18,000: Purchase Discounts $9,000; Freight-In $16,000, Beginning Inventory $60,000, Net Sales $621,000, and Ending Inventory $90,000. Instructions (no color required) A. B. Determine Net Purchases and Cost of Goods Purchased. Determine Cost of Goods Sold and Gross Profit. Question 8) Below is a series of cost of goods sold sections for companies A, L, N, and R $120 1,080 si) 43,950 $700 Beginning inventory Purchases Purchases returns and allowances Net purchases Freight-in Cost of goods purchased Cost of goods available for sale Ending inventory Cost of goods sold $250 1,500 80 290 7,410 8,050 1,150 1,040 42,920 2,420 130 1,800 310 1,230 1,350 (0 1,230 49,530 6,230 43,300 7,600 Instructions (no color required): Fill in the lettered blanks to complete the cost of goods sold sections. 1A1
Having trouble with number 7 and 8! Thank you. :)
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