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JaCo uses the periodic method and records merchandise purchases net. Its 20X4 ending inventory is $69,000. During 20X5, JaCo pu merchandise for $878,000, with freight-in
JaCo uses the periodic method and records merchandise purchases net. Its 20X4 ending inventory is $69,000. During 20X5, JaCo pu merchandise for $878,000, with freight-in of $11,000. Purchase $17.000, purchase discounts lost are $4,000, and the on hand at year end is $91,000. At year end, JaCo records the foll entry: a $15,600b$31,200 11. returns are cost of merchandise a. Ending Inventory Purchase Returns Cost of Goods Sold 91,000 17,000 850,000 Purchases Freight-In Beginning Inventory 878,000 11,000 69,000 91,000 17,000 846,000 4,000 b. Ending Inventory Purchase Returns Cost of Goods Sold Purchase Discounts Lost Purchases Freight-In 878,000 11,000 69,000 Beginning Inventory c. Ending Inventory Purchase Returns Cost of Goods Sold 91,000 17,000 854,000 Purchases Freight-In Beginning Inventory Purchase Discounts Lost 878,000 11,000 69,000 4,000 d. Beginning Inventory Purchase Returns Cost of Goods Sold 69,000 17,000 894,000 Purchases Freight-In Ending Inventory 878,000 11,000 91,000
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