Question
Janice Martin sells Avon products. This is the second year that she has operated the business. The beginning inventory on January 1 was $725. The
Janice Martin sells Avon products. This is the second year that she has operated the business. The beginning inventory on January 1 was $725. The ending inventory on December 31 was $1,125. Her records contain the following information regarding her sales and purchases. Calculate the cost of goods sold and gross profit for Ms. Martin's business.
Sales to Customers $5,497
Total Purchases $2,458
UPS Charges (receiving purchases)$ 375
Personal Use Items $ 625
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Financial Accounting Information For Decisions
Authors: Robert w Ingram, Thomas L Albright
6th Edition
9780324313413, 324672705, 324313411, 978-0324672701
