Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Question 31 Random Co. had the following account balances in 2020, prior to the closing entries: Purchases $30,000 Sales $45,000 Freight-out 2,500 Freight-in 2,000
Question 31 Random Co. had the following account balances in 2020, prior to the closing entries: Purchases $30,000 Sales $45,000 Freight-out 2,500 Freight-in 2,000 Beginning inventory 10,000 Ending inventory 9,000 Purchase returns 3,000 Sales discounts 1,000 Sales returns 2,000 Unearned revenue 10,000 Assuming Random Co. uses the periodic inentory method, what was Random's cost of goods sold for 2019? A) $29,000 B $30,000 $32,500 $39,000 REMAINING 1 Point
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started