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Please answer the question attached in the picture. Provide explanation or calculation work of the answer. Please and Thank you. AB Ltd.s gross purchases were
Please answer the question attached in the picture. Provide explanation or calculation work of the answer. Please and Thank you.
AB Ltd.s gross purchases were $18,200, net purchases account for an average 10% discount on all items purchased and 5% of items were returned due to wrong specifications during the year. Also during the year the net sales were $16,832 Required 1: If beginning and ending inventory are zero (Just in time), AB's cost of good solf for the period must have been: $ Required 2: AB's Purchase Return and Allowances for the period must have been: $ Required 3: AB's Purchase Discounts for the period must have been: $ Required 4: AB's Net Puchases for the period must have been: $ Required 5: AB's Gross Profit on Sales in dollars for the period must have been: $
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