On January 1, 20X7, the ledger of Conglomo Corporation correctly showed supplies inventory of $1,000. During 20X7, supplies purchases amounted to $6,000. A count (inventory) of supplies on hand at December 31, 20X7, showed $2,000. The 20X6 Balance Sheet statement should report supplies amounting to:

$5,000

None of the others alternatives are correct

$2,000

$6,000

$7,000

10.On November 30, Bargain City has the following financial information relating to November:

Sales $10,000

Sales returns & allowances $1,000

Purchases $4,000

Freight-in $500

Purchase Returns & Allowances $400

Purchase discounts $200

What are the Net Purchases for the month of November?

Some other amount

$3,800

$3,100

$3,900

$3,600

Check my work

1.

The cost of goods sold (COGS) in a perpetual inventory system is found by

deducting the cost of ending inventory from the cost of goods available for sale

deducting the cost of the ending inventory from the net cost of purchases

None of the others alternatives are correct

deducting the cost of beginning inventory from the cost of goods available for sale

adding the net cost of purchases to the ending inventory